Yesterday, the twin co-founder of crypto-exchange Gemini, Cameron Winklevoss, announced that the platform’s new European headquarters will be the Republic of Ireland.
Gemini and Winklevoss’ announcement about the crypto-exchange’s new European headquarters
Cameron Winklevoss, the twin co-founder of the Gemini crypto-exchange, shared on Twitter that the platform will have a new European headquarters: the Republic of Ireland.
In essence, the Winklevoss twins traveled to Ireland to meet with the prime minister so they could discuss crypto matters.
Apparently, the MiCA European regulation won over the Gemini co-founders, to the point that they decided to have a new European headquarters in Ireland.
The MiCA (Market in Crypto Assets) passed on a vote on 16 May, with approval by all the finance ministers of the European Union member states.
It is a text indicating the regulations that EU service providers will have to comply with if they choose cryptocurrency businesses, NFTs, stablecoins or tokens in general.
For crypto-exchanges, the MiCA also presents a guideline for them to follow so they will be regular.
Gemini looks to Europe after the SEC’s crypto allegations
Gemini’s decision to look to Europe stems from a series of actions that the Securities and Exchange Commission (SEC) continues to take on crypto companies.
And indeed, last February 2023, the Winklevoss twins’ own crypto-exchange was not spared from charges by the US SEC, which accused it of offering “unregistered securities.”
That period, the SEC Chairman Gary Gensler himself had intensified scrutiny against what he dubbed the “wild west” of cryptocurrencies.
In public response to that accusation, Tyler Winklevoss had shared the Gemini firm’s position on Twitter, but pointed out that the public regulatory process on crypto and security to be registered was unclear.
Not only that, at that same time, the SEC had charged other crypto-exchanges such as Coinbase, Kraken, and Binance.US.
Crypto regulation in the US is the “most confusing”
Not only crypto-exchanges, crypto regulation in the US seems to be the “most confusing” starting with the case still awaiting official ruling between Ripple vs SEC.
And indeed, the definition of “most confusing” comes from Brad Garlinghouse, CEO of Ripple, who vented in a recent interview with CNBC.
In this regard, Garlinghouse also said that this lack of regulatory clarity is causing crypto companies to flee the United States. And indeed, other countries such as Europe, the United Kingdom, Singapore and the UAE are attracting growth in the sector.
Not surprisingly, Ripple itself has acquired a Swiss cryptocurrency startup, Metaco, which will help it expand its operations overseas.