US crypto exchange Gemini reportedly eyes expansion into UK

The US cryptocurrency exchange Gemini, founded by Cameron and Tyler Winklevoss, is looking to expand into the UK market, The Financial Times has reported, citing unnamed sources.

According to two sources familiar with the matter, Gemini Trust Company, has hired advisers to consult on potential move to the UK. One of the sources said that the company is also close to filing for a regulatory approval with the Financial Conduct Authority (FCA), The Financial Times notes in its September 24 report.

The FCA do not regulate the digital currency sector in the UK, but several crypto companies have been operating under the regulator’s e-money licence. Among them is the UK arm of the largest US cryptocurrency exchange, Coinbase, which obtained the licence in mid-March.

Commenting on the report, Gemini did not confirm that it was eyeing a move into Britain, though it did indicate that it was interested in expanding overseas.

“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,” Gemini said, as quoted by the FT.

“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,” the company also told the newspaper.

The Winklevoss twins, which founded Gemini in 2014, are among the more prominent figures in the crypto sector. Last week Gemini became one of two companies that received approval from New York’s Department of Financial Services for a cryptocurrency pegged to the US dollar.

However, the twins’ crypto ambitions suffered a major setback earlier this summer as their proposal for a Bitcoin exchange-traded fund (ETF) received its second rejection from the US Securities and Exchange Commission (SEC).