Gemini Look To Open Exchange To UK Customers
Famed US cryptocurrency exchange Gemini, the birth child of Tyler and Cameron Winklevoss is alleged to be exploring an expansion into the United Kingdom, opening their doors to a new and emerging British cryptocurrency market.
Gemini are considered a major exchange, though by limiting their operations to certain areas, the trading volume of the exchange is far lower than it should be, therefore Gemini need to expand and discover new markets. With the UK ever optimistic around cryptocurrencies, this seems like the most sensible next step for the exchange. The UK market is huge and will in turn have a very big impact on the trading volume within the Gemini exchange, benefitting the pockets of the Winklevoss twins in the process no doubt.
A spokesperson from Gemini has told The Financial Times:
â[We] continue 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.â
It now seems that the exchange are edging closer to filing a complete application to open up trading operations within the UK with the Financial Conduct Authority. In order to facilitate UK trades, Gemini need to seek approval from the FCA, though this shouldnât be too difficult given that as it stands, Gemini also already have similar approval from the relevant United States authorities.
According to Cointelegraph:
âGemini already operates as a fully compliant crypto custodian and trading services provider in the U.S., having received formal approval from New Yorkâs Department of Financial Services (NYDFS) to operate under the stateâs exacting BitLicense framework in 2015.â
A Bitcoin ETF for British firms?
We know that the Winklevoss twins are keen on introducing a fully working Bitcoin ETF, therefore we could look into the idea that a move by Gemini into the UK could be used to mobilise a similar ETF movement in the UK, to what we are seeing in the United States. Indeed, the failure to approve an ETF application just yet in the US would give the FCA plenty to think about, therefore until the US has been tackled, we wouldnât expect a Gemini led Bitcoin ETF to take off in the UK just yet.
Either way, access into the Gemini exchange in the UK would give British investors the opportunity to try out a new and expanding platform. Once the UK is cracked, we can only expect Gemini to continue to grow, entering other European countries next, before an inevitable expansion into Asia and the rest of the world too.