Gemini Exchange led by the famed Winklevoss twins announced its entry into the UAE’s crypto scene and is working to obtain a license to do business there.
In order to better serve this thriving and quickly expanding crypto community, Gemini leadership reportedly met with local stakeholders to learn more about regional regulatory standards and the demands of UAE crypto investors.
The National in Abu Dhabi quoted Tyler Winklevoss, CEO of Gemini, as saying, “We’ve been super encouraged with our conversations here with the regulators.”
As part of Gemini’s 2022 Global State of Crypto Report, we found that those in the UAE were rapidly acquiring crypto and putting it to use making in-person purchases. We also found high intent to purchase crypto among those who were not yet owners.
The exchange lauded the nation’s leadership for establishing itself as a fast-emerging hub for crypto and continuing its tradition of being a forward-thinking global financial hub.
The offshore pivot was made in response to “hostility and a lack of clarity” over crypto regulation in the United States, co-CEOs Cameron and Tyler Winklevoss told local sources.
With regards to setting up new headquarters, the Winklevoss twins have suggested Abu Dhabi and Dubai as potential locations, but they have not yet made a final decision.
Back in the US, the siblings are currently embroiled in a series of legal challenges regarding their crypto exchange.
One of them is a lawsuit filed by the Securities and Exchange Commission [SEC], which claimed that it participated in the illegal marketing and sale of securities to retail investors via the Gemini Earn bitcoin loan scheme.
This resulted in a roughly 50% decrease in Gemini’s trading volume in the first four months of 2023 compared to the final four months of 2022.
Gemini Eyes Expansion Outside The U.S., U.K., & European Union
To make matters further complicated, one of their banking partners is looking for ways to end ties owing to non-profitability.
According to attorney Charles Harder, who is now representing the Winklevoss twins and Gemini Trust said the co-founders are fully dedicated to the exchange and concentrated on operating their business successfully.
The trading platform also intends to establish a second Gemini headquarters in the United Kingdom, as well as an engineering base in India and a derivatives exchange in a number of non-U.S., non-U.K., and non-EU countries.