Winklevoss Twins Explore UK as Potential Base for Cryptocurrency Giant Gemini

Tanya Sharma
Tanya Sharma
Published on May 24, 2023 09:48 PM

Gemini cryptocurrency exchange considers establishing a "second headquarters" in London, citing a "hostile" climate in the United States

Winklevoss Twins Explore UK for Cryptocurrency
Source: Boston Magazine

Cameron and Tyler Winklevoss, the billionaire twins very famous for their legal case against Mark Zuckerberg over the creation of Facebook, are contemplating the UK as their base for the cryptocurrency company, “Gemini”. 

Faced with several regulatory challenges in the US, the brothers have expressed interest in setting up a "second headquarters"  and focusing on expanding Gemini's operations from London.

The Winklevoss twins met with representatives from the Bank of England and the Financial Conduct Authority (FCA) on their tour to the UK to discuss possible investment opportunities. 

The bankruptcy of FTX, which has made it challenging for cryptocurrency companies to operate in the US ultimately forced the Winklevoss twins to look for alternate countries for the expansion of their company.

Cameron Winklevoss explained,

 "There are so many concerns that the US  is going through right now, it's hard to build a future there. But the show must go on and in order to keep building our business and invest in hiring, we have to look elsewhere. The UK is a great market to consider... maybe larger than the US."

Because of its well-established financial traditions and good regulatory stance towards cryptocurrencies, the two brothers see the UK as a favourable market.

While considering London as a potential "second home" for Gemini, Tyler Winklevoss acknowledged concerns about inconsistent attitudes towards cryptocurrency companies in Britain. 

He mentioned a recent MP report that compared the business to gambling. The twins stated a desire to strengthen their commitment to the UK market in spite of these doubts.

Gemini's Global Quest- Exploring Promising Investment Destinations

The Winklevoss twins started Gemini in 2015 following an early $11 million investment in Bitcoin. The success of their venture gave them fame and made them billionaires. Alongside their UK visit, the brothers are looking for investment opportunities in Ireland, Switzerland, Dubai, Abu Dhabi, Singapore, and Hong Kong, alongside their UK visit.

In January, the Securities and Exchange Commission (SEC) accused Gemini of selling unregistered securities which made it suffer from regulatory challenges. This incident is part of a larger initiative on cryptocurrency companies in the United States.

The Winklevoss twins view the actions of the US regulator as "totally unproductive."

As Gemini considers a potential expansion to the UK, the decision reflects the growing trend of cryptocurrency businesses seeking more favourable regulatory environments globally. The twins aim to continue operating in the US but emphasize their right to explore jurisdictions where they can thrive in a less adversarial environment.

Wrapping Up

The Winklevoss twins, famous for their court spat with Mark Zuckerberg over Facebook, are thinking about setting up a "second headquarters" in the UK for their cryptocurrency exchange, Gemini. 

The twins are looking at different jurisdictions to promote their business expansion because of regulatory obstacles and a "hostile" environment in the US. With its favourable legislative framework, the UK is a prime candidate for Gemini's prospective global expansion.



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