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Journalist
Sead Fadilpašić
Journalist
Sead Fadilpašić
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Crypto exchange Gemini has added USD payment rails for institutional customers in the UK and will add it for the EU in the coming weeks.
The exchange has teamed up with Bank Frick to enable new functionalities on its platform. Bank Frick, founded in 1998 in Liechtenstein, is a major provider of services, including fund administration, blockchain banking, and fund management.
Also, the exchange will utilize Bank Frick’s 23/7 payment service xPULSE, to enable “frictionless banking rails” for deposits, “even outside of business hours.”
Thanks to the collaboration between these two companies, USD payment rails are now available for institutional customers in the UK, but also in Switzerland.
Furthermore, the team will soon offer this functionality to institutional users in Gibraltar, Jersey, Guernsey, and the Isle of Man.
This means that institutions in these regions can conduct crypto transactions directly in USD, deposit and withdraw in USD, and access more than 80 different USD trading pairs, the press release said.
Additionally, Gemini said that the UK institutions will pay no additional fees for a limited time when depositing and withdrawing fiat funds via USD rails.
The exchange will expand this service further in Europe. “We’re also delighted to share that in a few weeks’ time, the same functionality will be extended to all our EU and EEA institutional customers,” it said.
Meanwhile, Gemini also recently announced the Credit Card referrals. It gives $50 in the crypto of users’ choice to both the one who referred and the one was referred.
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Gemini’s European Expansion
This offering is the latest in Gemini’s plan for expansion into the European market. Notably, the European Union’s landmark regulation for the cryptoassets sector, MiCA, came into full force in December.
Approved by the European Parliament in April 2023, MiCA is a comprehensive regulatory framework that the EU established to create consistency in crypto regulation among its member states. Malta was quick to embrace MiCA.
In November 2024, the Winklevoss twins-run crypto exchange officially launched its operations in France, 11 months after it had received approval to operate as a virtual asset services provider.
In January 2025, the company made several key senior hires to head its European unit.
Then, in February, received in-principle approval in Malta for an Investment Firm license to offer perpetuals throughout the European Union. When granted, the licence will allow Gemini to offer regulated futures and options in the countries of the EU and European Economic Area (EEA) to advanced traders and institutions.
Notably, the in-principal approval came after Gemini selected Malta as the company’s EU hub and jurisdiction for the Markets in Crypto-Assets (MiCA) application.
Meanwhile, in late February, Gemini co-founder Cameron Winklevoss confirmed that the US Securities and Exchange Commission (SEC) ended the investigation into the firm without any charges, 699 days after the start of the investigation. This came as the regulator dropped its crypto enforcement actions established by the former head Gary Gensler.
“While this marks another milestone to the end of the war on crypto, which already includes the SEC’s withdrawal of the Coinbase lawsuit and the closing of investigations into OpenSea, Robinhood, and UniSwap, it does little to make up for the damage this agency has done to us, our industry, and America,” Winklevoss wrote.
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