The Gemini exchange in New York is relocating to Dublin, Ireland, and joins a growing list of digital currency exchanges and related companies leaving the U.S. either due to complicated regulations or persecution from agencies like the Securities and Exchange Commission (SEC). The Gemini Sets Its Sights on the Emerald Isle The crypto industry in the U.S. has been under heavy scrutiny from organizations like the one mentioned above. Its head, Gary Gensler, has gone after several leading digital currency companies over the past few months. Among the big names he’s attacked are Kraken, a crypto exchange based in Northern California, and Coinbase, arguably the largest and most dominant digital trading platform in the country. Kraken was forced to end all its
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The Gemini exchange in New York is relocating to Dublin, Ireland, and joins a growing list of digital currency exchanges and related companies leaving the U.S. either due to complicated regulations or persecution from agencies like the Securities and Exchange Commission (SEC).
The Gemini Sets Its Sights on the Emerald Isle
The crypto industry in the U.S. has been under heavy scrutiny from organizations like the one mentioned above. Its head, Gary Gensler, has gone after several leading digital currency companies over the past few months. Among the big names he’s attacked are Kraken, a crypto exchange based in Northern California, and Coinbase, arguably the largest and most dominant digital trading platform in the country.
Kraken was forced to end all its staking activities and services while also parting with a $30 million penalty fee. Coinbase, on the other hand, was served what’s called a Wells notice that informed executives that financial charges were likely coming in the future. The group’s leaders took issue with the notice on account of they had allegedly met with representatives of the SEC several times over a nine-year period to ensure the company was fully compliant.
Gemini services have only been available in Europe for about a year, though in a statement, the company’s founders Tyler and Cameron Winklevoss made it clear they have a positive view of the Irish regulatory landscape. They’re also thrilled by how far the nation has come in terms of technology adoption and innovation. They commented:
We look forward to being a part of and adding to the vibrant tech community in Dublin. Crypto is as transformative as the internet, and we are committed to unlocking the opportunities it represents.
Irish politician Taoiseach Leo Varadkar TD commented:
This is significant for Ireland as the government focuses on innovation as a driver of growth. Gemini’s decision to locate in Ireland highlights our competitive offering for the international financial services sector. We take pride in how it has grown from 60 staff in Dublin 30 years ago, to approximately 56,000 people around the country working in finance today. I wish Gemini every success as they build their team in Ireland.’
Gillian Lynch – head of Ireland and Europe at Gemini – also threw her two cents in, saying:
As we continue to expand our global footprint, we’re excited to tap into the talent and innovation that Dublin and the Irish market have to offer. Dublin has long been a hub for innovation and technology, with a thriving startup scene and deep talent pool. We continue to be encouraged by the city’s commitment to fostering innovation, by a policy environment which encourages entrepreneurship.
A Great Landscape?
Michael Lohan – CEO of IDA Ireland – said:
This investment will act as a strong reference case in seeking to further develop the digital assets sector.