Winklevoss Cryptocurrency Exchange Set to Expand into the UK Market

Cameron and Tyler Winklevoss are not discouraged by the sharp falls in the cryptocurrency markets and aim to conquer lucrative European markets.

Gemini Trust Company, the owner of the New York-based cryptocurrency exchange, established by Winklevoss twins in 2014, is considering expansion into the UK market. The company has hired legal advisors to consult on the potential move to Britain and file an application to the Financial Conduct Authority  (FCA), according to the Financial Times.

Currently, the Financial Conduct Authority regulates the cryptocurrency industry, but the UK politicians have been vocal lately, urging the government to consider risks related to the digital assets industry and take the “Wild West” crypto-asset markets under control. Moreover, several cryptocurrency exchanges, including US-based Coinbase are already working on the territory of the United Kingdom under the e-money license issued by the Financial Conduct Authority, which means that they have to establish anti-money laundering procedures and perform customer checks.

“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,” the company commented.

“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.”

Getting ready for the better cryptographic tomorrow

Cameron and Tyler Winklevoss are among the most ardent Bitcoin proponents famous for their outrages price predictions, and they haven’t changed their bullish views even amid the epic collapse on the cryptocurrency market, which has lost over 60% of its value since the beginning of the year. While Bitcoin stubbornly stays close to $6,500, the Winklevoss brothers believe that it will quickly go up to $320,000 in 10 years time and eventually disrupt gold.

While this target still looks like an unattainable high, Cameron and Tyler want to be well positioned to reap the benefits of cryptocurrency adoption once it is upon us. With that in mind, they keep on trying to get SEC’s approval for their Bitcoin ETF and launching new crypto related products and services.

Thus, earlier this month the Winklevoss launched ERC-20 based stablecoin tied to US Dollar approved by New York’s Department of Financial Services and filed a new patent for securely storing digital assets. Also, in April this year, Gemini hired Nasdaq stock exchange to supervise its trading venue and monitor potential market abuse.

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