Gemini grabs ‘In-Principle Approval’ for Singapore license, despite recent struggle

Cryptocurrency exchange Gemini has received In-Principle Approval (IPA) for a Major Payment Institution license application in Singapore. The country’s Monetary Authority of Singapore (MAS) green-lit the Winklevoss twins-founded exchange, as it aims to further cement its influence in APAC — but legal and regulatory troubles for Gemini persist. 

Popular cryptocurrency exchange Gemini (Gemini Trust Company, LLC) announced Tuesday it has received “In-Principle Approval (IPA)” for its application for a Major Payment Institution license in Singapore.

A blog post from the company notes:  “We are excited to announce that Gemini has received In-Principle Approval … to provide cross-border money transfer and digital payment token services.”

The approval of the application was granted by the Monetary Authority of Singapore (MAS), the state’s central bank and financial regulator, and signals the next step in the crypto firm’s push to plant its feet in the Asia-Pacific region, where it already has a regional HQ in Singapore.

Gemini IPA green light given amid regulatory troubles

As calls on social media to remove crypto from centralized exchanges (CEXs) persist, Gemini announced in September it would be closing Canadian users’ accounts by the end of 2024, due to new regulations from the Canadian Securities Administrators.

On top of this, the moderately-ranked, leading crypto exchange has had a lengthy history of legal battles and doubts from consumers in recent years.

“As part of our ongoing expansion in APAC, we have made significant leadership hires in recent months, including Saad Ahmed, Head of APAC, who has been instrumental in driving our regional strategy and regulatory engagements,” Gemini’s blog post also notes.