Tyler and Cameron Winklevoss, the twin brothers who founded the cryptocurrency exchange Gemini, said they plan to open a headquarters in the UK because of U.S. hostility toward cryptocurrencies.
Tyler, Cameron Winklevoss said they met with officials from the U.K. Financial Conduct Authority (FCA) and the Bank of England this week to discuss Gemini’s possible expansion.
Entrepreneurs have complained about the difficult regulatory environment in the United States, which has only worsened since the collapse of the FTX cryptocurrency exchange last year.
“There are so many disincentives in the U.S. right now that it’s hard to grow a cryptocurrency business in the country.
So we have to look for opportunities elsewhere. Great Britain is a great jurisdiction to keep in mind.
We may have more employees outside the U.S. than inside the country in the future,” Cameron Winklevoss said.
He explained that the exchange is not leaving the U.S. and will continue to operate there.
However, according to Cameron Winklevoss, the exchange has the right to leave the country if the regulatory environment becomes openly hostile.
Gemini’s co-founder called the U.K. “a second home,” because that’s where the exchange was one of the first cryptocurrency companies to receive FCA approval.
However, Tyler Winklevoss has some concerns about the ambivalent attitude of British authorities towards cryptocurrencies.
On the one hand, Britain is ready to create favorable conditions for the development of the industry.
On the other hand, the British Parliament recently proposed to regulate cryptocurrencies that are not backed by real assets, like gambling.
Recall that in March, many cryptocurrency companies rushed to leave the UK because of stricter FCA requirements, and companies awaiting regulatory approval said they would not rule out a change of jurisdiction.