Crypto exchange Gemini, owned by the Winklevoss twins, has announced its plans to acquire a crypto service license for customers in the United Arab Emirates (UAE).
The move comes as Gemini recognizes UAE citizens’ growing interest in cryptocurrencies and engages in positive discussions with regulators.
According to Gemini’s co-CEOs, Cameron and Tyler Winklevoss, the decision to expand into the UAE was further motivated by the perceived “hostility and lack of clarity” surrounding crypto regulation in the United States.
In an interview with Abu Dhabi-based news outlet The National, Tyler Winklevoss stated that there is a concerted effort to establish the UAE as a crypto home and hub. The focus is on implementing well-thought-out regulations that protect consumers while fostering innovation within companies.
While Gemini has yet to decide on a specific location for its headquarters in the UAE, both Abu Dhabi and Dubai have been considered as potential options.
The company’s recent establishment of a non-US crypto derivatives platform, coupled with its plans for expansion in Asia, reflects its commitment to seeking opportunities outside the US amid increasing regulatory pressures from the Securities and Exchange Commission (SEC).
The exchange is also embroiled in an ongoing legal dispute related to the bankruptcy of Genesis Global Capital, a crypto lender. As a result, over 200,000 users of Gemini’s Earn program have their funds locked up due to a service arrangement between the two companies.
In a separate development, crypto exchange Crypto.com announced the finalization of its license from the Monetary Authority of Singapore (MAS) a year after receiving initial approval in principle.
As the regulatory landscape evolves, multiple crypto exchanges and related businesses seek new jurisdictions to establish operations and serve a broader customer base.