Gemini Implements Additional Measures to Protect UK Users, Further Adhering to New FCA Regulations

5Arz...2PCy

15 Feb 2024

Gemini Implements Additional Measures to Protect UK Users, Further Adhering to New FCA Regulations

TEAM GEMINI
In response to the latest Financial Conduct Authority’s (FCA) Financial Promotions requirements, that came into effect today, Gemini will be asking UK users for additional information to help better understand their level of investment knowledge.
Since inception, Gemini has been committed to putting regulation and compliance at the forefront of everything we do. Our approach to these new FCA regulations is no exception. In late 2023, we implemented a first set of rules related to financial promotions that impact a variety of ways we communicate with our users in the UK. These included changes to our marketing channels, such as the inclusion of risk warnings, as well as changes to the type of incentives and promotions we are able to offer our customers residing in the UK.
The additional measures implemented today support a core purpose of the FCA’s Financial Promotions regime — customer safety — and align directly with a central pillar of our business: ensuring customers remain safe when interacting on our platform.

What Changes Can You Expect to the Gemini Experience?

Starting on January 8, 2024, upon first login on either the Gemini web or mobile app, existing UK users will be asked to take the following steps:

Sign a Self Categorisation Investor Statement: In order to make sure Gemini products and services are suited to our users, we will be asking users to select which type of investor they are — whether that’s a seasoned investor or brand new to crypto. This will help Gemini tailor our products and services to our users in the UK.
Complete a Crypto Risk Assessment Questionnaire: Gemini must ensure our users understand the risks associated with crypto asset investments, therefore our users in the UK will be asked to complete a short questionnaire of multiple choice questions. This will help Gemini ensure users are equipped to make informed and proportionate investment decisions. All users will need to complete and pass the questionnaire, in order to continue trading on Gemini.

Please note that if a user fails this risk assessment questionnaire on the second attempt, there is a 24-hour lock-out period, which restricts users from making any new trades. They will then need to retake and successfully pass the test after this lock-out period to continue trading. During the lock-out period, users will still have access to all other functionalities relating to crypto deposits and withdrawals.
We are committed to working collaboratively with regulators around the world to help the crypto industry flourish in a compliant, sustainable, and safe manner. The implementation of these FCA Financial Promotion regulations is the next step on this journey as we continue on our mission to unlock the next era of financial, creative, and personal freedom.
Onward and Upward!
Team Gemini

WEEKLY MARKET UPDATE
FEB 09, 2024