On 8 October 2023, the FCA Financial Promotions Regime brought into effect new rules around qualifying cryptoassets.
These rules set out new standards for financial promotions of cryptoassets and “apply to firms offering these products to UK consumers.”
Since inception, Gemini claims it has “been committed to putting regulation and compliance at the forefront of everything we do.” Their approach to these new FCA regulations is reportedly “no exception, and they have been working tirelessly over the past several months to implement the rules.”
In a blog post, Gemini has explained how these new rules impact their customers.
As part of their dedication to complying with these new rules, Gemini also wanted to share actions they are taking that “will impact their customers:”
- Social Media: We launched a new handle on 𝕏 — @GeminiUK_ — which is dedicated to updating our UK-based customers on Gemini news and offers. Take a look and follow us there!
- Risk Warnings: We added the required risk warnings and associated risk summaries for customers in the UK on our social channels, mobile app, and web interfaces.
Incentives and Promotions: In line with the rules, we no longer offer certain incentives or promotions to UK-based customers.
- Phased Implementation: These changes are being implemented in two phases. The first phase has been in place since 8 October 2023, and subsequent changes will go live on 8 January 2024.
Gemini added that they are proud to continue to support their customers in the UK by complying with these new rules.
As reported, the crypto ecosystem faced significant challenges this year, the team at Gemini noted in a recent update.
Despite the various headwinds, talented individuals across all our teams “have continued to build every day during the bear market,” Gemini claims.
As they mark Gemini’s 8th anniversary, the firm wanted to “provide an overview of recent company announcements that their teams have worked hard to bring to life.”
According to Gemini, a lot happened in 2023: their leadership team “embarked on a global odyssey tour, they launched a new crypto derivatives platform, and they opened an office in India. But, that’s merely a fraction of everything their teams accomplished.”
The progress they made in 2023 will set the stage for Gemini’s continued growth “as a global crypto platform, as they advance their mission to unlock the next era of financial, creative, and personal freedom.”
Gemini has shared what it claims is the “most impactful” updates of 2023.
In May, Gemini’s leadership embarked “on a global odyssey to meet with financial regulators, lawmakers, customers, and media across eight cities, six countries, and two continents to tell our story and learn about attitudes towards crypto worldwide.”
Their mission is “to unlock the next era of financial, creative and personal freedom.”