Gemini plans to expand into the UK market


The founders of the cryptocurrency exchange Gemini Cameron and Tyler Winklevoss announced plans to open a second headquarters for the company in London. It is reported by The Telegraph.

According to the brothers, this decision was made because of the “hostile” regulatory climate in the United States. They have already met with representatives of the UK Financial Conduct Authority to discuss relocation issues.

“There are so many headwinds in the US right now, so it’s hard to do anything there. In order to continue to develop our business, we must look elsewhere. […] The UK is a great jurisdiction to keep in mind. Perhaps in the future we will have more employees outside the US than inside the country,” said Cameron Winklevoss.

The co-founders of Gemini noted that they are not going to leave the US market and continue to “fight a fair fight there.”

Tyler Winklevoss warned that the company has doubts due to the inconsistent attitude towards cryptocurrencies in the UK. He recalled a recent report from the local Treasury Committee that compared digital assets to gambling.

In addition to the UK, the twins are considering the jurisdictions of Ireland, Switzerland, Dubai, Abu Dhabi, Singapore and Hong Kong.

Earlier, Gemini announced plans to open an office in India as part of its expansion in the Asia-Pacific region.

Recall that in June 2022, the U.S. Commodity Futures Trading Commission filed a lawsuit against Gemini. The documents alleged that the platform was misleading the regulator regarding bitcoin futures contracts.

In early 2023, the US Securities and Exchange Commission also accused the exchange of unlicensed trading in securities through the Earn service. Tyler Winklevoss called the claims “super flimsy” and “a trumped-up ticket”.

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