Gemini responded to the new FCA requirements by saying that it has been dedicating itself to compliance and regulation and that it has been enforcing the rules nonstop for the past few months.
On October 8, 2023, the FCA Financial Promotions Regime implemented new regulations on qualifying cryptoassets. These regulations, which apply to companies that sell these goods to customers in the UK, lay out new guidelines for the financial advertising of crypto assets.
Gemini took some steps to adhere to these new regulations, which will affect its clients. First, it introduced ‘GeminiUK_’, a new handle on X devoted to providing our UK-based clients with Gemini news and deals.
Gemini updated its web interfaces, mobile apps, and social media channels with the necessary risk warnings and related risk summaries for its UK clients. It will no longer provide specific incentives or promotions to UK-based clients, following the rules.
The above-mentioned changes will be put into effect in two stages: the first stage has already begun on October 8, 2023, and the second phase will begin on January 8, 2024.
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