Gemini crypto exchange is introducing new rules for its UK branch starting November 17. Under these new rules, Gemini will only allow crypto transfers to be made to firms registered with TRUST.
This change is in response to the UK’s regulations, which require sender and receiver details to be shared.
The sharing of information is a critical aspect of adhering to the UK Travel Rule, aimed at enhancing transparency and security in the crypto industry.
Gemini has partnered with TRUST to help combat fraud and will exclusively work with 58 approved companies, including well-known names like Coinbase.
These rules also apply to incoming transfers, and by December, Gemini may block transfers from firms not registered with TRUST to ensure compliance and transparency in crypto transactions.
This move aligns Gemini with UK regulations designed to create a safer crypto environment and provide law enforcement with the means to address illicit activities involving digital assets.