The Winklevoss twins, Cameron, and Tyler known for their legal battle with Mark Zuckerberg over the creation of Facebook, are now setting their sights on London as they consider establishing a Second headquarters for their digital currency exchange Gemini.
Frustrated by the increasingly “hostile” regulatory climate in the United States, the Winklevoss billionaire brothers are seeking a more favorable environment to expand their cryptocurrency empire.
Their recent meetings with officials from the Financial Conduct Authority (FCA) and the Bank of England indicate their serious intent to make London a hub for their cryptocurrency ventures.
Seeking New Home Amid Regulatory Headwinds
The Winklevoss twins are not alone in their concerns about the challenging regulatory landscape faced by United States cryptocurrency corporations. After the collapse of FTX Trading Ltd, the bankrupt exchange helmed by Sam Bankman-Fried, industry leaders are voicing their discontent with the stifling regulatory environment.
Cameron Winklevoss expressed the difficulties of operating in the United States, stating:
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.
Recognizing the UK’s reputation as a crypto-friendly jurisdiction, the Winklevoss twins are seeing as London as a Second home for Gemini.
As pioneers in the space, Gemini was among the 1st cryptocurrency corporations authorized by the FCA, making the United Kingdom an attractive destination for their expansion plans.
The brothers appreciate the historical tradition and forward-thinking approach of the United Kingdom, viewing it as a market poised for continued leadership in the cryptocurrency space.
Regardless of their interest in London, Tyler Winklevoss raised concerns about regulatory inconsistency in the United Kingdom. It’s worth noting that, a recent report by MPs likened the digital currency sector to gambling. The twins have expressed their desire to address these inconsistencies, as they see tremendous potential in doubling down on the United Kingdom market.
A Worldwide Quest For Investment Opportunities
It is worth keeping in mind that regardless of their attraction to the United Kingdom, the Winklevoss twins are not limiting their search to London alone. In their pursuit of crypto-friendly jurisdictions, they are embarking on a worldwide journey, exploring potential financing opportunities in Ireland, Switzerland, Dubai, Abu Dhabi, Singapore, and Hong Kong.
This demonstrates their commitment to finding supportive environments that foster innovation and growth in the digital investment industry.
Additionally, regardless of this, the Winklevoss twins still expressed their support for cryptocurrency in the United States, saying:
We’re not leaving the United States, we’re going continuation to fight the good fight there. On the other hand, we likewise understand that you can vote with your feet, and that’s our right and we will do that when faced with a hostile environment.
In the meantime, the Winklevoss are not the only ones still standing to defend cryptocurrency in the United States. Recently, Coinbase Crypto exchange countered the United States Securities Exchange and Commission (SEC) with a Mandamus petition filing.
The cryptocurrency market is indeed feeling the heat from the continuous crackdown on cryptocurrency in the United States. In the previous 24 hours, the worldwide cryptocurrency market has decreased 1.7 percent with a market price sitting firmly over $1 trillion.
Featured image from Gettyimages, Chart from TradingView
