Tyler and Cameron Winklevoss Looking To Expand Gemini Crypto Exchange In UK Market

Gemini, a U.S-based crypto exchange owned by Tyler and Cameron Winklevoss, could be expanding its services to the U.K market, reports indicate.

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Gemini, a U.S-based crypto exchange owned by Tyler and Cameron Winklevoss, could be expanding its services to the U.K market, reports indicate.

Gemini seeks new markets

According to two undisclosed sources, the trading platform has hired advisors to spearhead their entry into one of the fastest growing crypto markets.

According to the Financial Times, the firm had previously said that while it had not made any solid steps towards expanding to other countries, the company is always open to opportunities to grow the business and industry.

An unnamed source claims that Gemini continues to explore various jurisdictions with the aim of providing the best services as a “digital asset exchange and custodian.”

The company sees this as one of the avenues through which it can support the growth of crypto infrastructure, and the community around it.

The source also alleges that Gemini is on the verge of filing an application seeking approval with the Financial Conduct Authority (FCA) – U.K’s regulatory watchdog.

The government agency has increasingly come under pressure, most recently with Members of Parliament asking that FCA do more to ensure that the crypto industry falls in line with existing laws.

Legislators expressed dissatisfaction with the current crypto markets, equating it to the “Wild West” but at the same time noting that the U.K had the potential to become a global focal point for the cryptocurrency industry, pushing for comprehensive regulation.

Gemini, founded in 2014, is currently one of the top crypto exchanges in the world. Although Gemini is ranked 62nd globally according to XBT.net, recent developments could see even more growth in the near future.

At the moment, the Winklevoss’ exchange operates as one of the few regulated and fully compliant platforms in the U.S.

Gemini is legally allowed to offer custodian and cryptocurrency trading services, growing in popularity since it first received the exacting BitLicense from New York’s Department of Financial Services (NYDFS) in 2015.

With the impending entry of institutional investors, operating a registered and regulated exchange may play a significant role in attracting more business and further growth, and last week’s decision by the NYDFS to allow the Winklevoss twins to release and offer its Gemini Dollar stablecoin may help attract investors to the platform.

The GUSDs is a new stablecoin pegged to the U.S. dollar and whose reserves will be held in custody at a U.S based banking institution.

The approval of both Paxos and Gemini was partly responsible for the recent surge that hit the market last week.

The last few days are far removed from the July disappointment that saw the U.S Securities and Exchanges Commission (SEC) reject a second application seeking approval to launch a bitcoin exchange-traded fund (ETF).

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