Gemini Obtains MiFID II License in Malta to Provide Derivatives Across the EEA

Gemini, the cryptocurrency exchange established by Cameron and Tyler Winklevoss, announced that it has obtained a MiFID II license from Malta, which permits it to provide derivative products throughout the European Economic Area.

This approval from the Malta Financial Services Authority is set to allow Gemini to offer perpetual futures and a range of other derivatives across the EU’s 27 member countries, along with Iceland, Liechtenstein, and Norway, contingent on fulfilling specific requirements, as stated by the company.

A representative from Gemini indicated that there are various technical and operational processes to complete to guarantee compliance and security when launching these products, which they aim to achieve in the forthcoming months.

As exchanges look to derivatives as a pivotal avenue for revenue expansion, Gemini’s move aligns with industry trends. Coinbase, one of the largest crypto exchanges, recently announced a substantial acquisition deal worth $2.9 billion to purchase a platform specializing in Bitcoin and ether options, thereby solidifying its position in the derivatives market.

In taking steps in Europe, Gemini is mirroring the actions of its competitor Kraken, which secured a MiFID license earlier this year by acquiring an investment firm based in Cyprus.

Gemini expressed enthusiasm about this milestone as it brings them closer to delivering derivative offerings to both retail and institutional traders in the EU and EEA as part of their European growth strategy.