Gemini, the U.S. cryptocurrency exchange founded by bitcoin billionaires Cameron and Tyler Winklevoss, is rumored to be eyeing an expansion into the United Kingdom.
Gemini Plots Transatlantic Expansion
Citing two sources close to the process, the Financial Times reports that the New York-based exchange operator has hired advisors regarding a move into Britain and may soon submit an application to the U.K. Financial Conduct Authority (FCA) for regulatory authorization to open an exchange in the country under the agency’s e-money licensing program.
Gemini has not confirmed the report, telling FT that it has “no immediate plans” but is evaluating opportunities to increase its global presence.
“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,” FT cited the exchange operator as saying. “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.”
In March, San Francisco-based cryptocurrency exchange giant Coinbase received such an e-money license from the FCA, authorizing it to provide payment and electronic money services to customers in the U.K. and 23 other European Union countries. Coinbase UK customers can currently trade GBP against BTC, ETH, BCH, LTC, and ETC.
Gemini currently ranks as the world’s 61st-largest cryptocurrency exchange, according to CoinMarketCap, with a 24-hour volume of about $12 million and a 30-day volume of nearly $750 million. Binance, the highest-volume exchange, averages more than $1 billion in daily volume.