The popular crypto exchange Gemini announced that it has earned a Major Payment Institution license in principle from the Monetary Authority of Singapore. The exchange revealed that it received approval to offer virtual payment token services and cross-border money transfers. This strengthens its compliance in the Asia-Pacific area.
‘As part of our ongoing commitment to this market, we are continuing to work towards achieving the MPI license’, Gemini posted. After getting legal permission as a virtual asset service provider in January 2024 in France, Gemini has once again reached another milestone.
This gave Gemini users, including Lotto 6 players access to trade over 70 coins via its web and mobile platforms. To overcome challenges, Gemini is now expanding into Asia and Europe.
The American platform, which had previously deemed Canada a crucial market for expansion, exited the country in early October 2024. Gemini joined Binance, OKEx, and dYdX in leaving Canada due to the country’s increasing regulations.
In April 2024, the Canadian government unveiled its new Crypto-Asset Reporting Framework, which will start in 2026. The rollout of this system requires the annual reporting of comprehensive transaction data by all crypto service providers, including exchanges, brokers, and ATM operators.
Binance Connect relaunches with new service
With some updates and a new launch, Binance Connect is back as a crypto-to-fiat option. Users can now easily switch between cash and crypto without creating new accounts thanks to the service’s revival and integration with the Binance ecosystem.
Due to a problem with the support for card payment services, the initial Binance Connect service shut down in August 2023. Using the latest Binance Connect, users, including those looking for Lotto 6 probability calculation can now buy crypto using more than 300 coins and 100 fiat currencies
In a blog post, Binance announced that users can now purchase and sell coins straight from their DeFi wallets. The blog post noted that Binance Connect was designed to comply with relevant standards.
‘Binance’s existing services comply with local regulations in the jurisdictions where we operate. Binance Connect leverages the existing fiat on and off-ramp solutions/services of Binance which ensures the same regulatory compliance. Though depending on certain regions, some Binance Connect services are restricted’.
The spokesperson also mentioned that Binance Connect works with various regional banks to make standard financial services easy to use for transactions. This allows users to pay using Apple Pay, Google Pay, or straight Visa or Mastercard through Binance Connect, which is linked with most major banks and card networks across the world.
Binance Connect started in March 2022 as Bifinity, a payment company that worked with more than 50 coins and payment methods, such as Visa and Mastercard. Not long after, the service changed its name to Binance Connect.
In June 2022, it became fully integrated with Binance’s self-custody Trust Wallet. Before they can use the new service, Paymonade will need to verify the user’s account. Paymonade, another popular crypto platform and Binance have worked together since January 2022.
With the growing developments in the crypto sector, users are excited to see a brighter future ahead. Many think that this is just the start of crypto’s worldwide success that will prompt the industry to new heights.
