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Winklevoss-Owned Gemini Makes a Move in the UAE for Crypto License

Sarah Wynn
Last updated: | 1 min read
Source: Adobe

Crypto exchange Gemini, owned by the Winklevoss twins, is headed to the United Arab Emirates.

The firm announced on Wednesday that it would begin acquiring a crypto license to serve customers in the UAE. 

“As a forward-thinking, global financial hub, the UAE is continuing its tradition of leadership by establishing itself as a fast-emerging hub for crypto,” Gemini tweeted. “By applying for a license, we will be taking another step towards making Gemini a truly global company.” 

Gemini said it studied crypto adoption in 20 countries, and found that more than 35 percent of those surveyed in the UAE had bought crypto, compared to only 20 percent in the US.

“We found that those in the UAE were rapidly acquiring crypto and putting it to use making in-person purchases,” Gemini said. 

This comes days after New York-based Gemini picked Ireland for its European headquarters. 

Cameron Winklevoss tweeted on May 25 that he met with Ireland Prime Minister Leo Varadkar about “the profound promise of crypto and the importance of common sense regulation to realize that promise,” while also touting Markets in Crypto-Assets regulation, which will be set forth next year. 

Troubles back at home

The US Securities and Exchange Commission charged both Gemini and bankrupt crypto lender Genesis, earlier this year with the unregistered offering and sale of securities to retail investors in the US in regards to Gemini Earn. 

At the time, Tyler Winklevoss expressed his disappointment on Twitter.

“It’s disappointing that the @SECGov chose to file an action today as @Gemini and other creditors are working hard together to recover funds. This action does nothing to further our efforts and help Earn users get their assets back. Their behavior is totally counterproductive.”

However, both Gemini and Genesis asked a US district court in New York to dismiss the case, on May 26.