Gemini, a New York-based cryptocurrency exchange owned by the Winklevoss Twins is eyeing a move to the UK.
Winklevoss Twins Look to Set Up Shop in The UK
According to the Financial Times, inside sources revealed that Gemini is serious about a foray into the UK market. Furthermore, reports indicate that the platform has gone ahead to hire consultants charged with working out modalities for such an expansion project.
Commenting on the proposed plans, the platform said:
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. Although we have no immediate plans, we will always evaluate opportunities that allow the global economy to buy, sell and store digital assets in a regulated, secure, and compliant manner.
For Gemini, a move to the UK would also involve some consideration of regulatory compliance. In recent time, the narrative within the UK has been one of consolidating the country’s cryptocurrency monitoring framework.
Last week, CryptoPrimacy reported on the call by British MPs to regulate the “wild west” cryptocurrency industry. The UK Financial Conduct Authority (FCA) does not have direct oversight responsibility for the industry. However, the body provides e-money licenses for cryptocurrency firms operating in the country.
Gemini has in the past, shown a willingness to follow best practices in an industry much-maligned for operating in the margins. In April, the platform started utilizing Nasdaq’s SMARTS trade monitoring technology to combat market manipulation.
Gemini’s UK move puts the company in direct competition with Coinbase and Bithumb, two other cryptocurrency exchange giants. Coinbase, the largest virtual currency exchange platform in the US, has already made significant inroads in the UK market, having recently launched GBP/crypto trading pairs.
Coinbase also has an e-money license from the FSA, as well as crucial banking partnerships with Barclays. For Bithumb, the South Korean behemoth plans to establish its UK office before the end of the year.
With Gemini potentially joining the mix, the UK cryptocurrency market could begin to aspire to the levels set by other countries like Japan, South Korea, and the United States.
Will the establishment of UK-based investments by the likes of Gemini, Coinbase, and Bithumb catapult the country to greater significance in the global cryptocurrency narrative? Let us know your thoughts in the comment section below.
Images courtesy of CryptoPrimacy archives, Shutterstock