- The New York-based exchange intends to file with the UK watchdog body to open shop
- A majority of the World’s crypto exchanges operate from the UK
- UK lawmakers recently called for tougher crypto laws
Gemini, the New York-based cryptocurrency exchange run by the Winklevoss twins is coming to the United Kingdom.
According to the Financial Times, the Twins hired financial advisors to consult on a move to the UK and are about to file for permission with the UK regulatory body to make the official move.
Their company, Gemini Trust, ranked the 52nd largest cryptocurrency exchange in the world is looking to capitalize on Europe’s growing cryptocurrency market.
A British Affair
The move to Britain could be a very smart one for Gemini as a majority of the world’s cryptocurrency exchanges are located in the U.K and not having a presence there could give Gemini’s competitors a leg up above them.
Cryptocurrency exchanges have had some challenges in recent years. Just last week, there were calls from U.K lawmakers for stricter government regulations around what they called the ‘Wild West’ of cryptocurrency and claimed that the market is riddled with money laundering and manipulation of prices.
They have also endured skepticism in the U.K from the same lawmakers who say that Bitcoin and other cryptocurrencies should be supervised by the Financial Conduct Authority (FCA).
While they might not be getting the warmest of welcomes, Gemini is determined to expand nonetheless, with their official statement saying,
“Gemini continues to explore potential jurisdictions around the globe to provide a best-in-class digital asset exchange and custodian which will enable growth and infrastructure to the entire digital asset community,”
Strategic Positioning
While the island of Malta is perhaps the most favorable place for most blockchain businesses, with their regulations being so welcoming and there being so many blockchain businesses there that it is called ‘blockchain island’, the move to the U.K helps Gemini stay at the center of cryptocurrency trade.
With cryptocurrencies being more widely used, and an expected 50 percent increase in the trade volume of Bitcoin alone next year, a staggering amount of trade will be taking place in the next few years and if Gemini hopes to survive the onslaught of new exchanges that will inevitably spring up in the coming months and years.
