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Economy

Troubled Gemini Cryptocurrency Exchange Gets Greece’s Approval

ATHENS – Despite the debacle of the collapsed FTX, the Gemini cryptocurrency operation – which blocked customer withdrawals and had deposit problems – was given the OK by Greece’s Hellenic Capital Markets Commission to operate in the country.

The business is run by American twin brothers Cameron and Tyler Winklevoss, and allows customers to buy, ell, and store more than 60 cryptocurrencies such as bitcoin, bitcoin cash, ether, zcash and litecoin.

The crypto exchange has also received registration as a custodial wallet provider and provider of virtual currency exchange from the Greek authority which allows it to do business in the country, said CoinTelegraph.

The approvals also aim to demonstrate Gemini’s compliance with applicable Italian and Greek Anti-Money Laundering and Counter Terrorist Financing regulations, the report added, crypto being a favorite method for criminals to hide wealth.

The latest registrations came before Gemini encountered major issues on its lending platform known as Gemini Earn, which is designed to allow investors to get 8 percent interest by lending their cryptocurrency.

The product has reportedly halted withdrawals due to its connection with the troubled crypto trading firm Genesis Global Capital, with Gemini allegedly having $700 million of customer money locked in it, the report added.

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