What is Financial Promotions?

The Financial Conduct Authority (FCA) defines Financial Promotions (FinProm) as 'an invitation or inducement to engage in investment activity, communicated by a person in the course of business'. While in the past FinProm regulation applied mainly to traditional investments, its scope has been expanded to enhance protections for UK residents investing in qualifying cryptoassets.

This will not only affect how Gemini markets financial promotions on its website and through other marketing channels, but will also mean Gemini has to ask for more information from new and existing Gemini customers, to ensure you understand the risks associated with investing in digital assets.

You may have already noticed some changes to our website and exchange interface. The next set of changes will come into effect on the 8th January. On this date, existing Gemini customers will need to provide some additional information, before being able to continue trading on the platform.

Referral program

We are no longer able to offer our referral program or the Gemini Referral Club to customers based in the United Kingdom, however, the regulation will not impact any referral rewards earned in the past.

UK customers are also not eligible for any competition such as ROI Rumble or Volume Victor competitions.

Customer Categorisation

From the 8th January 2024, when you log into the Gemini platform, you will be asked  to choose a category that best describes you as an investor. This is to help us better understand your level of investment knowledge and identify which type of investor you are, in line with regulatory requirements.

We will provide you with a definition of each category and you will be able to let us know whether you are a Restricted (Retail), High Net Worth, or Certified Sophisticated Investor. You will be then presented with an investor statement for the selected category, which you will need to fill in and provide a digital signature.

These declarations are only valid for a 12-month period, to account for changes in life circumstances such as employment losses, which may affect the way in which an individual consumer can be categorised.

Appropriateness Assessment

Once you have completed your client categorisation questionnaire, you will be asked to complete a short questionnaire of multiple choice questions aimed at assessing your understanding of the risks involved in the products and services we offer.

We encourage you to pay attention when completing the questionnaire, as two failed attempts will result in a 24-hour lock-out period, whereby you will be unable to trade. After the 24-hour period, you will be able to retake the test. Note that we are unable to expedite the lock-out period.

Additionally, a third failed attempt will result in a 2-week lock-out period.

During the lock-out period, you will still be able to use all other functionalities related to deposits and withdrawals. If you have any recurring orders set up on the Gemini platform, these will execute as normal. You will just need to complete the two steps above, before you can continue to trade, or set up a new recurring order.

Gemini continues to be 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 the Financial Promotion is the next step on this journey.

Please feel free to reach out to our support team here, should you have any questions.