Cameron and Tyler Winklevoss met with the U.K.โs Financial Conduct Authority (FCA) and the Bank of England to discuss a potential Gemini move to London.
Alongย with London, the twins are exploring options to expand Geminiโs business to Hong Kong and Dubai, between others.
Gemini Founders Want to Invest Regardlessย of Damning Report
The exchange wonโt be move away from theย Unitedย States but will explore overseas expansion amid Unitedย States hostility.
Cameron Winklevoss said,
โThere are so numerous headwinds atย thisย time in the Unitedย States itโs hard to get anything done there. And so, toย beย ableย to keep building our business and invest in hiring, we have to look elsewhere.โ
The Unitedย States Securities and Exchange Commissionโs (SEC) chairman Gary Gensler has dismissed assertsย that Unitedย States securities law does not cover crypto.
The regulatingย authority recently rejected a request from Gemini rival Coinbaseย Cryptoย 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 customersโ money from Genesis Worldwide Financialย resources. The Winklevoss brothers started Gemini in 2015 after 1st hearing about Bitcoinย (BTC) in Ibiza.
Regardlessย of their enthusiasm, the twins have expressed reservations about the Unitedย Kingdom outlook after a recent Government report compared unbacked cryptocurrency trading to gambling.ย
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 regulatoryย authorities of painting Britain as hostile to entrepreneurs.ย
The Unitedย Kingdom FCA recently rejected numerous cryptocurrency corporations for poor danger management, while competition authorities blocked Microsoftโs takeover of gaming company Activision Blizzard.
The Bank of Englandโs (BoE) Prudential Regulatory Authority recently implied it would reject neobank Revolutโs banking license appย amid accounting discrepancies.
BoE governor Andrew Bailey stated thisย comingย week the monetaryย authority has manyย of โbig lessonsโ to learn as Aprilโs headline inflation came in 0.3 percent higher than their 8.4 percent forecast.
Core inflation, excluding food and energy, jumped from 6.2 percent to 6.8%, suggesting that the monetaryย authority will must increase interest prices further.ย
The bank implicitlyย canceledย its fall prediction after U.K.โs real income stabilized to pre-pandemic levels. Higher real income suggests living standards for Unitedย Kingdom citizens are growing from a recent collapse.ย
Audit company EY recentlyย saidย the Unitedย Kingdom economy would flatline in the 1st half of 2023 but start growing in the summer as headline inflation advantages from sliding food and energy prices.ย
