Bitrabo Editorial
The Winklevoss twins, famous for their legal battle over Facebook ownership, are now considering London as a location for their cryptocurrency exchange Gemini’s second headquarters. As the regulatory landscape for US crypto companies becomes increasingly hostile, the brothers have been seeking alternatives to expand their business. Meetings with officials from the Bank of England and the Financial Conduct Authority (FCA) demonstrate their serious intent in setting up Gemini in the UK.
US Regulations A Challenge for Crypto Companies
The Winklevoss twins are not the only ones frustrated with the regulatory challenges faced by crypto firms in the US. After the bankruptcy of FTX, run by Sam Bankman-Fried, others are voicing their discontent with the stifling regulations. Cameron Winklevoss expressed the challenges of operating in the US, stating: “There are so many headwinds right now in the US, it’s hard to get anything done there. And so, in order to keep building our business and invest in hiring, we have to look elsewhere.”
As one of the pioneers in the cryptocurrency space, Gemini was among the first crypto firms authorized by the FCA, making the UK an attractive destination for expansion. Tyler Winklevoss did raise concerns about regulatory inconsistency in the UK, citing a report by MPs that likened cryptocurrency to gambling. Nevertheless, despite their attraction to London, the Winklevoss twins are also exploring other crypto-friendly jurisdictions globally, including Ireland, Switzerland, Dubai, Abu Dhabi, Singapore, and Hong Kong.
A Global Search For Crypto Opportunity
The Winklevoss twins’ search for supportive environments that encourage innovation and growth in the digital asset industry stretches beyond the UK. Even so, they still support crypto in the US. In addition to the London option, “We’re not leaving the US, we’re going to continue to fight the good fight there. But we also understand that you can vote with your feet, and that’s our right, and we will do that when faced with a hostile environment.”
As US authorities continue to crackdown on crypto, exemplified by the SEC’s recent move to halt Coinbase’s interest-earning program, the global cryptocurrency market has felt the impact. Over the past 24 hours, the market value is down 1.7% but still stands over $1 trillion.
Featured image from Gettyimages, Chart from TradingView