Gemini, the crypto exchange founded by the Winklevoss twins, has set its sights on the United Arab Emirates (UAE), as they continue their quest to transform Gemini into a truly global company. In a recent announcement, the firm revealed plans to acquire a crypto license to serve customers in the UAE, a region that continues to establish itself as a fast-emerging hub for cryptocurrencies. To further emphasize the potential market in the UAE, Gemini shared that a study of crypto adoption across 20 countries found that over 35% of those surveyed in the UAE had purchased crypto, compared to 20% in the US, with the majority using crypto for making in-person purchases.
In recent weeks, the New York-based company has been busy setting up their European headquarters in Ireland. Gemini has been working alongside Irish Prime Minister, Leo Varadkar, to discuss the importance of adopting common sense regulation in order to fully realize the potential within the crypto market. Such collaborations aim to ensure that more regulations, like the Markets in Crypto-Assets regulation due for release next year, will be introduced in the near future.
However, back in the United States, challenges have arisen for Gemini, as they and the now-bankrupt crypto lender, Genesis, were charged by the US Securities and Exchange Commission (SEC) for the unregistered offering and sale of securities to retail investors within the country. This controversy revolved around the Gemini Earn program. In response to these allegations, Tyler Winklevoss expressed his disappointment on Twitter, questioning the necessity of actions taken against Gemini and other creditors as they try to recover funds for their users.
In an attempt to fight back against these charges, both Gemini and Genesis filed a request with a US district court in New York to dismiss the case on May 26. While the outcome of the case is yet to be determined, it’s clear that the crypto world is no stranger to skepticism and opposing opinions. As Gemini expands globally and engages with various governments, the pursuit of common sense regulation could prove critical in navigating the complexities and potential roadblocks that inevitably come with working in the cryptocurrency market.
Source: Cryptonews
