25 February, 2024

Gemini Exchange Acquires a Crypto License in the United Arab Emirates

9 months ago

16 Nov, 2023

The regulated crypto exchange Gemini has announced that it would soon begin the process of acquiring a license to operate in the United Arab Emirates (UAE). The co-CEOs of the Gemini exchange, Cameron and Tyler Winklevoss, have reportedly told that the US regulators’ negligence of “hostility and [a] lack of clarity” has forced Gemini to relocate.

The Gemini exchange, based currently in the US, took to Twitter to inform its followers about its plans to expand its services in the UAE:

In the blog post dated May 31, Gemini reasoned its intention to pursue the license as to foster the enthusiasm among citizens for cryptocurrencies and to become an optimistic regulatory landscape in the UAE.

Tyler Winklevoss told The National, an Abu Dhabi-based news outlet that:

We’ve been super encouraged with our conversations here with the regulators. There’s an effort to make the UAE a home and a hub for crypto and, most importantly, to enact thoughtful regulation that connects, that protects both consumers, but also a company’s ability to innovate.

Though the Winklevoss brothers haven’t made it apparent where the operations of the Gemini exchange would be based in the UAE, Abu Dhabi and Dubai are hinted to be the host cities.

Cameron Winklevoss explained how the now defunct FTX crypto exchange has impacted the crypto industry:

We have been there for almost a decade, engaging with regulators, but post FTX, everything changed. We had nothing to do with FTX, but suddenly that was an excuse to sour on the whole industry.

Tyler noted that Gemini’s UAE experience has “met if not exceeded expectations so far.” He further asserted that Gemini has always strived to positively add to the regulatory process, adding that the exchange is “not giving up on the US,” and are “long term optimistic” but “short-term pessimistic” when it comes to the US.