Winklevoss Exchange Gemini Seeking UK Entry
Cameron and Tyler Winklevoss are now planning to enter the British markets. Gemini, the cryptocurrency exchange operated by the brothers and regulated under New York laws, will now make its presence felt in the UK. The exchange previously tried to launch a Bitcoin-derived exchange-traded fund on 2 occasions, only to be rejected by US regulator Securities and Exchange Commission. The exchange is currently one of the largest in the world by daily traded volume. It has hired some advisers to help it glide safely into the British markets.
Falling Market Doesn’t Scare Gemini
The cryptocurrency market is not in good shape during all 2018. The bears started taking hold of the market at the beginning of the year. Since then, there hasn’t been much that shows a bullish reversal is coming to the market.
However, Gemini Trust Company, which operates the Gemini exchange, isn’t fazed by the disappointing market conditions. Sources close to the twins suggest that they will soon move into the British market. A source also suggests that the company could file an application with the UK market watchdog to receive regulatory approval for its activities soon.
Crypto Has Both Thorns and Roses
Over 450 cryptocurrency exchanges quickly started operations during the crypto boom of last year, when the prices of all digital currencies reached all-time highs. This exchanges also experienced massive profits during this time. However, as time passes, it is becoming clear that not all these exchanges have adequate security and customer protection provisions in place.
Regulators are worried about the security measures adopted by these exchanges. Several multimillion-dollar hacks have already rocked the market, which are increasing regulators’ woes further. Financial watchdogs in different countries are asking their citizens to practice safe trading or avoid crypto altogether.
Gemini is a regulated crypto exchange, but even its home state’s regulators aren’t convinced that some crypto exchanges are secure enough for use. The New York State Attorney General recently published a report that shows that some crypto exchanges not only avoid doing something about manipulative crypto trading but may even support wash trading.
Gemini exchange is different from many other trading platforms as it has a formal accreditation from the New York Department of Financial Services under the BitLicense framework.
The exchange said:
“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.”