Earlier in the week, it seemed that the Winklevoss brothers' crypto exchange, Gemini, would move its headquarters to England. On Thursday, Cameron Winklevoss indeed confirmed that due to regulatory turmoil in the US, their platform is seeking a safe haven in another jurisdiction and that this would be located in the British Isles.
Instead of London, Gemini has chosen Dublin, the capital of Ireland. However, Gemini is not moving its global headquarters but has relocated its European offices to the Irish city.
Gemini Bets on Crypto Development in Ireland
Finance Magnates, citing information from The Telegraph, reported that the Winklevoss twins had been meeting with representatives of the British FCA and the central bank to discuss a potential repositioning of its headquarters to the UK.
However, as it turns out, the Gemini founders also had talks with representatives of other countries in the British Isles, ultimately choosing Ireland. Tyler Winklevoss confirmed this information on Thursday on Twitter after meeting with the Irish Prime Minister, Leo Varadkar.
"We talked about the profound promise of crypto and the importance of common sense regulation to realize that promise. We believe MiCA is that common sense regulation. We also announced that Gemini has made Ireland its European HQ," Winklevoss commented.
Awesome meeting this morning with @LeoVaradkar, the Prime Minister of Ireland. We talked about the profound promise of crypto and the importance of common sense regulation to realize that promise. We believe MiCA is that common sense regulation. We also announced that @Gemini has⦠pic.twitter.com/Iv3NmPTmju
β Cameron Winklevoss (@cameron) May 25, 2023
It is worth reminding that in July 2022, Gemini became the first company to be registered as a Virtual Asset Service Provider (VASP) in Ireland after launching its local branch a year earlier.
"Gemini's decision to locate in Ireland highlights our competitive offering for the international financial services sector," Varadkar commented in a social media post.
Gemini's decision to locate in Ireland highlights our competitive offering for the international financial services sector. We take pride in how it has grown from 60 staff in Dublin 30 years ago, to approximately 56,000 people around the country working in finance today.
β Leo Varadkar (@LeoVaradkar) May 25, 2023
Gemini Will Not Leave the United States Entirely
Although the Gemini cryptocurrency exchange is setting European headquarters in Ireland, it does not intend to leave the United States altogether.
From the Winklevoss twins' statements, it is clear that they intend to continue fighting for improved regulatory conditions in their country. For the good of their business, they are considering moving the main part of their operations to Ireland, which, in their opinion, has a decidedly better and more transparent approach to regulations concerning digital assets.
"There are so many headwinds right now in the US it's hard to get anything done there," Cameron Winklevoss, one of the Gemini Founders, commented for The Telegraph. "And so in order to keep building our business and invest in hiring, we have to look elsewhere."
Increasing regulatory pressure from US supervisory authorities and solid drops in cryptocurrency prices in 2022 have significantly impacted Gemini. The exchange has cut employment three times in the last few months, most recently in January of this year.
Looking for alternatives to the American market, the Winklevoss twins had earlier announced plans to launch a platform for cryptocurrency derivatives outside the US named Gemini Foundation in response to regulatory pressure in the United States. Additionally, in April, Gemini entered the Canadian market by obtaining a license from the Ontario regulator.
This article was written by Damian Chmiel at www.financemagnates.com.
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