Crypto exchange Gemini announced in a blog post on Wednesday that it had started the process of acquiring a crypto license in the United Arab Emirates.
Founders Cameron and Tyler Winklevoss spoke exclusively to Zawya News on Thursday saying that the “lack of clarity” and “hostility” from regulators in the U.S. led to the move.
Gemini blogpost echoed this statement by adding that the move was motivated by increased crypto enthusiasm in the UAE as well as friendly discussions with the regulators.
The move from Winklevoss Twins to expand and operate globally resonates the concerns of many U.S. based crypto exchanges who have been forced to rethink their operating locations after the Biden Administration’s regulatory squeeze.
This latest announcement comes just as Gemini last week announced that they had settled on Ireland as their European headquarters.
Winklevoss Twins further added in the interview. “It is actually very hostile to crypto companies. To keep building, innovating, is not going to be happening. There is a lot of headwinds. It is just hard to get things done in the US.”
Gemini has already had strategic meetings with the stakeholders in UAE in anticipation of the license.