- Gemini cited Ireland’s robust regulatory system, talented workforce, and thriving technology community as the driving factors behind decision
- The Winklevoss twins are also considering the establishment of a second headquarters in London
Gemini, the renowned cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has chosen Dublin, Ireland as its headquarters for European operations. The Winklevoss twins confirmed their decision during a meeting with Ireland’s Prime Minister, Leo Varadkar, citing the country’s robust regulatory system, talented workforce, and thriving technology community as the driving factors behind their choice.
Despite a slight decline in the percentage of Irish adults holding cryptocurrency compared to the previous year, with 10% in 2022 compared to 12% during the bull market of 2021, the appeal of Ireland as a destination for crypto companies remains strong. Other major players in the crypto industry, such as Binance and Kraken, have also established a presence in Ireland, alongside numerous blockchain and fintech startups.
While Gemini solidifies its presence in Ireland, the Winklevoss brothers are considering the establishment of a second headquarters in London, United Kingdom. In a recent interview, they expressed frustration with the regulatory climate in the United States, characterizing it as “hostile” and inhibiting their business growth.
They are exploring options in London, aiming to find a more favorable environment for Gemini’s operations. However, the twins emphasized that this move should not be misconstrued as abandoning their efforts in the US, as they intend to continue their activities there.
In pursuit of a supportive environment, the Winklevoss brothers have held meetings with officials from the UK’s Financial Conduct Authority (FCA) and the Bank of England. These engagements aimed to assess potential locations that would facilitate Gemini’s future investments and growth strategies.
Gemini already has a presence in Dublin, with 12 staff members and a virtual asset service provider license obtained from the Central Bank of Ireland in July 2022. The company plans to expand its workforce in response to the recent approval of the Markets in Crypto-Assets regulations (MiCA) by the European Union, which is expected to bring about significant changes in the crypto industry.
Gemini’s choice of Dublin as its European headquarters is seen as a significant development by the Irish government, which views innovation as a key driver of growth. Cameron Winklevoss highlighted that Ireland serves as their entry point into the EU, and the reputation of Ireland’s regulator, the Central Bank of Ireland (CBI), further contributed to their decision.
The latest move by Gemini also comes amid the firm facing increasing regulatory scrutiny in the US. Earlier this year, the U.S. Securities and Exchange Commission (SEC) alleged crypto exchange Gemini sold unregistered securities in a lawsuit. Earlier this week, the Philippines Securities and Exchange Commission (PSEC) even issued an advisory on its website warning the public not to invest in Gemini’s Gemini Derivatives product.