The founders of the cryptocurrency exchange Gemini, Cameron and Tyler Winklevoss, announced plans to open a second company headquarters in London. This was reported by The Telegraph.
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According to the brothers, the decision was taken because of the ‘hostile’ regulatory climate in the United States. They have already met with representatives of the Financial Conduct Authority (FCA) of the United Kingdom to discuss relocation questions.
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‘There are so many headwinds in the United States right now that progress is hard there. To continue growing our business, we must look for another place. […] Britain is an excellent jurisdiction to keep in mind. It is possible that in the future we will have more employees outside the United States than inside the country,’ said Cameron Winklevoss.
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The Gemini co-founders said they do not intend to leave the American market and will continue to compete there on a fair playing field.
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Tyler Winklevoss warned that the company has doubts due to the inconsistent attitude toward cryptocurrencies in the United Kingdom. He recalled a recent report by the UK Treasury Committee in which digital assets were described as gambling.
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In addition to the United Kingdom, the twins are considering jurisdictions in Ireland, Switzerland, Dubai, Abu Dhabi, Singapore and Hong Kong.
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Earlier, Gemini announced plans to open an office in India as part of its expansion in the Asia-Pacific region.
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In June 2022, the U.S. Commodity Futures Trading Commission filed suit against Gemini. The filings alleged that the platform misled regulators about Bitcoin futures contracts.
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In early 2023, the U.S. Securities and Exchange Commission also accused the exchange of unlicensed trading of securities through the Earn service. Tyler Winklevoss described the allegations as ‘super unconvincing’ and ‘a fabricated penalty ticket’.