According to the Financial Times, New York-based cryptocurrency exchange, Gemini is planning to move to the United Kingdom. For the expansion project, the crypto exchange has gone ahead to hire consultants charged.
Gemini Trust Company is a digital currency exchange and custodian which allows the users to buy, sell and store digital assets. The company is founded by Cameron and Tyler Winklevoss twin brothers) in 2014. Gemini is a New York-based company which is regulated by the New York State Department of Financial Services. In June 2016, Gemini became world’s first licensed Ether exchange and in May 2018, it became world’s first Zcash exchange.
Gemini is ready to follow the best practices of the crypto industry. The platform has also started to use Nasdaq’s SMARTS tracking technology to combat market manipulation. In the UK, Gemini will also have some consideration for compliances with regulations. The UK Financial Conduct Authority (FCA) provides e-money licenses to the cryptocurrency companies which want to operate in the country. However, FCA does not have any direct responsibility for industry oversight.
The transfer of UK Gemini will place the crypto exchange in direct competition with UK cryptocurrency exchange giants, Coinbase and Bittumb. Coinbase is the largest virtual cryptocurrency exchange which is headquartered in San Francisco. Coinbase is the broker exchange of Bitcoin, Bitcoin Cash, Ethereum, Litecoin, etc. with fiat currencies in 32 countries and Bitcoin transactions and storage in 190 countries all over the world. Coinbase also has e-money license in the UK from FSA and also partnered with the UK’s multinational investment bank Barclays. While Bithumb is a crypto exchange headquartered in Seoul, South Korea. In terms of daily transactions, the platform is a global leader. Bithumb is planning to establish a UK office before December this year.
On the proposed plan the platform said that Gemini continues to explore potential opportunities all over the world to provide the best in class digital asset exchange and custodian which will enable the growth and infrastructure of the entire digital asset community. Though the platform does not have plans it will continually evaluate the opportunities which will allow the economies around the world to buy, sell and store digital assets in a regulated, safe, and agreeable way.