Winklevii Mull UK As Second Home For Gemini

Tea. Crumpets. Stiff upper lips. Bowler hats. Chemsex. Queuing. Politeness. Humor that is as dry as the weather is not. And soon, just perhaps, Gemini.

Britain may be about to add one of the world's largest crypto exchanges to the list of things for which it is globally renowned.

The Winklevoss twins, famous for their legal battle with Mark Zuckerberg over Facebook's creation, are seriously considering establishing a UK base for Gemini—citing, predictably, the "hostile" regulatory climate in the US as the reason.

During a recent visit to the UK, the twins met with officials from the Financial Conduct Authority (FCA) and the Bank of England to explore potential locations for Gemini's expansion.

Great meeting today with @TheFCA in London. Refreshing to engage with a forward-thinking regulator. Gemini secured an E-Money license in the UK 3 years ago and has been operational since. We have many employees and customers here in this vibrant market. The UK is a global leader… pic.twitter.com/KgbDmO2clD
— Tyler Winklevoss (@tyler) May 22, 2023

Cameron Winklevoss explained the need to look elsewhere due to the challenging conditions in the US. The Securities and Exchange Commission charged Gemini with selling unregistered securities in January. By contrast, the UK market, where Gemini was one of the first authorized cryptocurrency companies, appears attractive as a potential "second home" and global headquarters.

The UK's relationship with crypto hasn't always been as positive as these developments suggest. In the past, crypto companies have found it hard to do business in the country—not due to any regulatory or government pressure, but because the commercial banks have made life difficult for them. UK-based exchanges have suffered something similar to today's Operation Choke Point 2.0 since at least 2014, though the climate for digital asset firms has now improved.

Nonetheless, Tyler Winklevoss expressed concerns about potential regulatory inconsistencies in the UK, citing a recent Treasury Committee report that compared the crypto sector to gambling and recommended that it should be regulated as such. Despite the reservations, Gemini aims to deepen its engagement in the UK market.

Aside from the UK, the twins are exploring investment opportunities in Ireland, Switzerland, Dubai, Abu Dhabi, Singapore, and Hong Kong.

The potential expansion of Gemini to the UK could significantly impact the country's crypto landscape and attract other companies seeking a more favorable regulatory environment. While the twins remain committed to the US market, they recognize the importance of exploring jurisdictions where they can thrive and grow their business.

Subscribe to our newsletter and follow us on Twitter.