U.S. Crypto Exodus Continues? Gemini Tips Ireland as European HQ

Gemini has set its sights on Europe, announcing Dublin, Ireland, as its preferred base of operations.

An Irish man dressed in all green, jumping in the air in front of a green valley.
Created by Gabor Kovacs from DailyCoin
  • Gemini has focused efforts outside the U.S. in recent months.
  • The firm has now set its sights on Europe.
  • The move follows a crypto regulatory crackdown at home.

Like several other crypto firms based in the United States, Gemini has focused development and expansion efforts abroad in recent months.

In April, the crypto exchange disclosed plans to launch an engineering facility in Gurgaon, India, to rival its offices in the U.S. Days later, the firm confirmed the launch of an international derivatives trading platform that did not service U.S. customers due to restrictive rules.

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With the passing of the Markets in Crypto-Assets (MiCA) bill, Gemini has now set its sights on Europe, announcing Dublin, Ireland, as its preferred base of operations.

Gemini Tips Ireland as Lucky Ticket to Europe

In a tweet on Thursday, May 25, hailing MiCA as “common sense regulation,” Gemini co-founder Cameron Winklevoss announced that the crypto exchange had chosen Ireland as its headquarters in Europe following a meeting with the country’s prime minister.

Winklevoss reportedly disclosed that the firm’s decision to establish its European headquarters in Dublin was down to its optimistic view of the Irish crypto regulatory landscape and the country’s growing community of technologists. Gemini reportedly plans to significantly expand its team in Ireland in the next two years as MiCA comes into force.

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Prime Minister Leo Varadkar confirmed the development, asserting that Gemini choosing Ireland as its European base was a nod to the country’s efforts to compete globally in the financial services sector. 

Gemini’s recent focus abroad follows the increased difficulty crypto firms face in navigating the confusing and increasingly hostile regulatory landscape in the U.S.

Regulatory Uncertainty Driving Business Abroad

Already faced with a lack of clear crypto rules, U.S.-based crypto firms have had little luck at home in recent months as regulators have ramped up crypto enforcement efforts in the wake of the FTX collapse.

In January, Gemini found itself at the receiving end of an enforcement action from the U.S. Securities and Exchange Commission for allegedly offering unregistered securities through its Earn program.

"While US regulators have been busy infighting and refusing to provide the most basic of clarity for the crypto industry, the European Union just approved the MiCA regulation, which provides a comprehensive regulatory framework for crypto in Europe. It's sad to see the US being left behind on such an important technology and its promise," Gemini Chief Executive Officer Tyler Winklevoss asserted in a tweet in April as the European Union parliament passed MiCA.

On the Flipside

  • Competing crypto exchange OKX has tipped Paris as its base of operations in Europe.

Why This Matters

Europe is quickly attracting several crypto businesses with the passing of MiCA. On the other hand, U.S.-based crypto businesses are either exiting the country or focusing efforts abroad.

Read this to learn more about the confusing state of U.S. crypto regulations:

CFTC Opposes SEC’s Crypto Position: Calls ETH and Stablecoins Commodities

Learn why the ESRB believes crypto can pose a systemic risk:

EU Risk Board Warns Unchecked Crypto Poses Systemic Risk

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.