Winklevoss Twins’ US-Based Gemini Exchange Eyes United Kingdom Expansion
US-Based Gemini Exchange Gemini Wants To Expand Services To The UK
Founded in 2014 in the thriving ecosystem in New York, the Gemini crypto exchange has mostly been in the media lately for their application and denial for ETF services. However, they have turned their attention to something else – the UK market. Even though there has been a heavy amount of market problems and uncertainty regarding regulatory measures, Gemini’s founders still want to establish a place of their own across the pond.
As the Winklevoss brothers make their progress, they have recently hired some advisors to help with their effort to open their exchange in Britain. Though Gemini did not announce this itself, the sources claim to be insiders within the exchange. Furthermore, they are nearing the necessary level of preparedness to apply for regulatory approval in the UK market.
Much like last year, the regulators in the UK have voiced their concerns about the crypt community, saying that it is a “wild west” environment, full of risks at every turn. Much of the worry is centered around the possibility of loss for consumers, though the bigger worry has to do with the potential for money laundering and tax evasion.
In New York, where the Gemini exchange is hosted, the attorney general released a report, which suggested market manipulation among the bigger exchanges. However, Gemini has been rather aggressive about their security and maintaining adherence to regulations, earning them approval for a stablecoin called the Gemini Dollar. So far, it is only in company with one other exchange for its accreditation from the Department of Financial Services in New York. The approval allows them to function within the state according to the BitLicense framework.
To improve their transparency, Gemini has gone as far as to hire the NASDAQ stock exchange on their platform, which watches their trading volumes. The company 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.”
One of Gemini’s biggest competitions, Coinbase, has already gained approval for operation within the UK, based on their e-money license from the Financial Conduct Authority. The exchanges will be under bigger scrutiny than what the financial institutions in the area have, considering the heightened risk of money laundering. Gemini will probably have to abide by the same regulations as Coinbase, but it will allow them to participate in GBP trading.
Outside of the United States, South Korea’s Bithumb is also considering the integration into the UK market for crypto, considering that the lack of regulatory certainty has not made it less welcoming. The local government has decided to pursue a taskforce that watches how cryptocurrency is handled in the UK. A new report on these efforts should be released by the end of the year.