Gemini UK to Block Bitcoin Transfers To and From Non-Approved Exchanges
Gemini has introduced changes to bitcoin transfers for its UK customers in accordance with the local version of the FATF's Travel Rule which makes it increasingly more difficult to use any of the regulated services in the country.
- "The decision was made in response to new regulations which require virtual asset service providers (VASPs), like Gemini, to share information about the sender and the receiver on both ends of a crypto transaction."
- "Gemini has partnered with Travel Rule Universal Solution Technology (TRUST) to enable these changes, which are designed to crack down on fraudulent activity in the industry," announced the company.
- Per Coinbase, TRUST currently includes over 90 entities, including UK-registered Baanx, Coinpass, Fidelity Digital Assets Ltd, Gemini UK, Kraken UK, Paysafe/Skrill, and Revolut.
"To ensure transparency of data, from 17th November 2023, Gemini will only permit outbound transfers to other registered TRUST VASPs. Gemini will block any outbound transfers to a non-TRUST VASP. You can view the full list of registered TRUST VASPs here."
- "From 1st December 2023, Gemini may freeze and/or restrict users who are attempting to make inbound transfers to Gemini from a non-TRUST VASP. This is due to these transactions potentially missing the required information to ensure transparency of the transaction."
"When depositing or withdrawing from your Gemini wallet to another crypto address, we will need to request additional information from you, such as your name, the beneficiary of the funds, and in some cases, your address."
- Another exchange operating in the UK, Crypto.com, provided a somewhat clearer explanation of what to expect when depositing or withdrawing assets from the custodian.
- "You may not be required to provide information for subsequent transfers if the information initially provided is still current and valid (as determined by Crypto.com)," added the exchange.
- Gemeni also stated that "from the 17th November 2023, only [external] transfers of ERC-20 tokens, ETH, and BTC will be supported on Gemini."
- UK's version of Travel Rule came into effect on September 1, 2023. It requires UK-based Bitcoin and crypto companies to register with the Financial Conduct Authority (FCA) and adhere to the following requirements.
