Cameron and Tyler Winklevoss met with the U.K.’s Financial Conduct Authority (FCA) and the Bank of England to discuss a potential Gemini move to London.
Along with London, the twins are exploring options to expand Gemini’s business to Hong Kong and Dubai, between others.
Gemini Founders Want to Invest Regardless of Damning Report
The exchange won’t be move away from the United States but will explore overseas expansion amid United States hostility.
Cameron Winklevoss said,
“There are so numerous headwinds at this time in the United States it’s hard to get anything done there. And so, to be able to keep building our business and invest in hiring, we have to look elsewhere.”
The United States Securities and Exchange Commission’s (SEC) chairman Gary Gensler has dismissed asserts that United States securities law does not cover crypto.
The regulating authority recently rejected a request from Gemini rival Coinbase Crypto exchange to develop new regulations. Congressional subcommittees want to bypass expected bipartisan deadlocks on new bills by amending existing laws.
Gemini instituted a third round of layoffs as it struggles to recover its Earn customers’ money from Genesis Worldwide Financial resources. The Winklevoss brothers started Gemini in 2015 after 1st hearing about Bitcoin (BTC) in Ibiza.
Regardless of their enthusiasm, the twins have expressed reservations about the United Kingdom outlook after a recent Government report compared unbacked cryptocurrency trading to gambling.
The next Financial Services and Markets Bill will provide exchanges with a clearer path to regulation. The bill must pass the House of Lords before Royal Assent declares it law. Cryptocurrency corporations will then have a window in which to comply.
Conversely, the twins may find Government allies after MPs accused regulatory authorities of painting Britain as hostile to entrepreneurs.
The United Kingdom FCA recently rejected numerous cryptocurrency corporations for poor danger management, while competition authorities blocked Microsoft’s takeover of gaming company Activision Blizzard.