The Winklevoss twins, Cameron, and Tyler known for their legal battle with Mark Zuckerberg over the creation of Facebook, are now setting their sights on London as they consider establishing a second headquarters for their cryptocurrency exchange Gemini.
Frustrated by the increasingly “hostile” regulatory climate in the US, the Winklevoss billionaire brothers are seeking a more favorable environment to expand their crypto empire.
Their recent meetings with officials from the Financial Conduct Authority (FCA) and the Bank of England indicate their serious intent to make London a hub for their crypto ventures.
Seeking New Home Amid Regulatory Headwinds
The Winklevoss twins are not alone in their concerns about the challenging regulatory landscape faced by US crypto companies. Following the collapse of FTX, the bankrupt exchange helmed by Sam Bankman-Fried, industry leaders are voicing their discontent with the stifling regulatory environment.
Cameron Winklevoss expressed the difficulties of operating in the US, stating:
There are so many headwinds right now in the US, it’s hard to get anything done there. And so, in order to keep building our business and invest in hiring, we have to look elsewhere.
Recognizing the UK’s reputation as a crypto-friendly jurisdiction, the Winklevoss twins are considering London as a second home for Gemini.
As pioneers in the space, Gemini was among the first crypto companies authorized by the FCA, making the UK an attractive destination for their expansion plans.
The brothers appreciate the historical tradition and forward-thinking approach of the UK, viewing it as a market poised for continued leadership in the crypto space.
Despite their interest in London, Tyler Winklevoss raised concerns about regulatory inconsistency in the UK. Notably, a recent report by MPs likened the cryptocurrency sector to gambling. The twins have expressed their desire to address these inconsistencies, as they see tremendous potential in doubling down on the UK market.
A Global Quest For Investment Opportunities
It is worth noting that despite their attraction to the UK, the Winklevoss twins are not limiting their search to London alone. In their pursuit of crypto-friendly jurisdictions, they are embarking on a global journey, exploring potential investment opportunities in Ireland, Switzerland, Dubai, Abu Dhabi, Singapore, and Hong Kong.
This demonstrates their commitment to finding supportive environments that foster innovation and growth in the digital asset industry.
In addition, despite this, the Winklevoss twins still expressed their support for crypto in the US, saying:
We’re not leaving the US, we’re going to continue to fight the good fight there. But we also understand that you can vote with your feet, and that’s our right and we will do that when faced with a hostile environment.
Meanwhile, the Winklevoss are not the only ones still standing to defend crypto in the US. Recently, Coinbase countered the United States Securities Exchange and Commission (SEC) with a Mandamus petition filing.
The crypto market is already feeling the heat from the continuous crackdown on crypto in the US. Over the past 24 hours, the global crypto market has dropped 1.7% with a market value sitting firmly above $1 trillion.
Featured image from Gettyimages, Chart from TradingView
