Crypto exile in a nutshell – Figures of crypto success made in USA and regularly the symbol of a desire to comply with regulation, the Winklevoss brothers by the voice of their crypto platform Gemini have confirmed their desire to make Dublin a stronghold for development on the old continent. This choice, decided almost a year ago, is now motivated by growing regulatory pressure in the United States. Explanations.
Ireland, a gateway to Europe for Gemini
Gemini’s picks for Ireland aren’t sudden. Indeed, in July 2022, the Winklevoss brothers’ crypto platform obtained regulatory authorizations to practice in Ireland. In fact, the exchange already has offices on site and a team of 12 employees.
However, Gemini recently highlighted in the Irish media new reasons that motivate the crypto platform to accelerate its installation in the country. Beyond the crypto regulatory system in Ireland, which is rather favorable to the development of Web 3 companies, the MiCA regulation also attracts the Winklevoss brothers, describing Ireland as a “ point of entry into the European Union “.
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When the USA attacks its prodigal sons
Gemini must also weather the crypto winter and its havoc in the part of the bankruptcy of Genesis. Indeed, the Genesis bankruptcy took with it the service Gemini Earnleading to a debt of 630 million dollars, which Digital Currency Group – parent company of Genesis – struggling to repay.
One thing led to itnt another, the Securities and Exchange Commission decided to attack Gemini in January 2023 concerning its Earn program, thus adding to the ambient hostility against cryptocurrencies. The financial regulator filed a complaint against Gemini in January 2022 for the sale of unregistered securities to retail investors under the Earn program.
Would Gemini be on the traces of Coinbase to flee the USA ? The announced advent of the MiCA regulation seems in any case to announce a slightly more welcoming regulatory framework than that currently proposed in the USA. So after Coinbase which recently indicated moving to Bermudathe crypto platform of the Winklevoss brothers confirms its desires elsewhere.
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