Gemini Expands to France

Gemini, the U.S.-based cryptocurrency exchange founded by the Winklevoss twins, is launching operations in France, as announced on Tuesday. This expansion aligns with the ongoing reshaping of the European trading bloc's relationship with the crypto industry through the comprehensive Markets in Crypto-Assets ruleset.

Founded in 2014 by Cameron and Tyler Winklevoss, Gemini registered as a virtual asset service provider in France earlier this year. With operations in over 70 countries, the company acknowledges the strategic significance of its expansion, given France’s supportive stance towards the crypto sector.

Gillian Lynch, Gemini CEO for the U.K. and Europe, stated, "Gemini’s research into the French market shows its growing interest in digital assets, and a robust regulatory framework presents a unique opportunity to introduce our platform to the trading community and extend our presence in the European market over the coming months."

In contrast, several crypto exchanges, including Gemini, have exited Canada due to stricter regulations. According to Gemini’s 2024 Global State of Crypto report, France is considered one of the “most pro-crypto countries surveyed,” with the share of crypto holders rising from 16% to 18% since 2022, marking significant growth post-crypto winter.

This surge in interest is attributed to France’s proactive regulation of virtual asset service providers (VASPs), including consumer protection initiatives, as well as the wider Markets in Crypto-Assets (MiCA) reforms set to be fully implemented by the year’s end.

Notably, the percentage of French citizens expressing regulatory concerns about the industry has decreased from 37% to 32% over the past two years during the bear market.

In May, Gemini revealed plans to return $2.18 billion in crypto assets to users of its Earn lending program, which had been paused amid market turmoil in November 2022. The firm also settled with the New York Department of Financial Services for $37 million due to significant operational failures.

Several influential crypto projects, including hardware wallet maker Ledger and DeFi platform Morpho, are also based in France.