The post Winklevoss Twins To Move Gemini HQ To The UK Amidst Regulatory Hurdles In America appeared first on Coinpedia Fintech News
The United States crypto market has long been recognized as a challenging landscape for startups attempting to compete with global entities. While the Biden administration has pledged to foster safe blockchain developments, local crypto companies continue to encounter significant obstacles hindering mainstream adoption.
In particular, the Securities and Exchange Commission (SEC) has emerged as a major stumbling block, prompting top American crypto companies like Coinbase Global and Ripple to shift their focus to international markets.
Related: Breaking! Binance Is Planning To Exit The US Crypto Market As Regulatory Scrutiny Heats Up – Coinpedia Fintech News
Winklevoss Twins Move to the UK
In a recent revelation by the United Kingdom news outlet The Telegraph, the renowned crypto billionaire brothers, Cameron and Tyler Winklevoss, have expressed their intention to relocate the headquarters of their cryptocurrency exchange, Gemini, from the United States to the United Kingdom. According to reports, the twins recently met with officials at the Financial Conduct Authority (FCA) and Bank of England to discuss their plans and explore the way forward.
Challenges in the US Market
Cameron Winklevoss articulated the challenges faced by crypto businesses in the United States, stating, “There are so many headwinds right now in the US that it’s hard to accomplish anything there. In order to continue building our business and investing in hiring, we have to consider looking elsewhere. The UK is a great market for us to explore.”
The brothers emphasized that their crypto exchange stands a better chance of expanding its workforce outside the United States, given the increasing adoption of crypto assets in other countries. While the Winklevoss twins are contemplating whether the new location would be referred to as a second headquarters or a global headquarters, they are actively considering the UK as a promising destination for further investments.
A Commitment to the US Market and Regulatory Advocacy
Despite their pursuit of an international headquarters, the Winklevoss twins emphasized that Gemini remains committed to the United States market. By establishing a presence in a more crypto-friendly jurisdiction, the brothers aim to leverage their position to advocate for clear crypto regulations in the United States, striving to contribute positively to the growth of the local crypto industry.