Crypto exchange Gemini newly announced measures to comply with the controversial crypto Travel Rule in the United Kingdom reflects a “worrying creep” toward overregulation and will strip customers of their freedom for self-custody, according to a Trezor analyst.
On Nov. 7, cryptocurrency exchange Gemini announced it has made changes in order to comply with the new Travel Rule restrictions for customers in the U.K.
Gemini said it will restrict outward cryptocurrency transfers to a list of 58 virtual asset service providers (VASPs) registered under the Travel Rule Universal Solution Technology (TRUST) starting on Nov. 17.
Speaking to Cointelegraph, Trezor Bitcoin analyst Josef Teteka said the move will only serve to limit the options for those looking to self custody their crypto.
“The forthcoming restrictions from Gemini UK will make it much harder for Bitcoin and other cryptocurrency users to move their assets into self custody,” said Tetek, noting that the requirements include providing one’s name, name of beneficiary and in some cases, their address.
“This goes against the fundamental principles of Bitcoin, where the user rightly enjoys freedom, privacy where required, and ultimately self-sovereignty.”
This is dog
Email just received from @Gemini
“Travel Rule: Changes to crypto transfer requirements for UK customers”global hub for cryptoassets my a**, Rishi!
(I barely use Gemini Anyways but still ♂️) pic.twitter.com/tuqhSLyZgg
— Robin Nakamoto (@RobinNakamoto) November 3, 2023
Gemini said its UK restrictions will also apply to incoming transfers from non-TRUST VASPs starting in December, with Gemini stating it may freeze or limit accounts attempting to make inbound transfers.
Tetek said the
Go to Source to See Full Article
Author: Brayden Lindrea
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
