Institutional EU clients to gain USD trading on Gemini exchange

Crypto exchange Gemini intends to broaden its USD trading services for institutional clients residing in the European Union.

Gemini exchange has teamed up with Bank Frick, a financial institution based in Liechtenstein, to introduce US dollar payment support for institutional clients in the UK and Switzerland, as revealed in an announcement initially shared with Cointelegraph on March 12. This development allows institutions to deposit, withdraw, and trade directly in US dollars on the exchange, eliminating the need to convert to British pounds or Euros first. To facilitate immediate deposits in dollars (even outside of regular banking hours), Gemini is utilizing Bank Frick's "xPulse" service.

In the announcement shared with Cointelegraph on March 12, Gemini's head of Europe, Mark Jennings, stated that the USD payment support will be extended to institutional clients across the EU, specifically in Gibraltar, Jersey, Guernsey, and the Isle of Man.

While other exchanges have previously offered USD trading in Europe (such as Coinbase in 2019, before discontinuing it in 2023), it is not a common occurrence. Furthermore, unlike other exchanges that depend on third-party partnerships to provide USD support to EU customers, Gemini is offering this service directly through its own licensed entities, which are authorized to manage electronic money (EMI licenses).

"Unlike most CASPs [crypto asset service providers] that rely on partnerships for funding rails due to the lack of an EMI license," Jennings stated, "our regulatory-first approach allows us to offer seamless funding solutions directly through our own EMI-licensed entities."