© Bloomberg. Morning fog shrouds residential and commercial skyscrapers in the Jumeirah Lakes Towers district of Dubai, United Arab Emirates, on Sunday, Jan. 17, 2021. Dubai is hoping one of the world’s fastest vaccination programs and rapid testing technology will help achieve its goal of holding the Expo 2020 event this year, after the coronavirus pandemic forced a delay. Photographer: Christopher Pike/Bloomberg
2/2
(Bloomberg) — Billionaire twins Tyler and Cameron Winklevoss’ Gemini crypto exchange plans to apply for a digital-asset license in the United Arab Emirates.
“Our application is our first step towards providing customers in the UAE and beyond with a safe, secure, and easy-to-use platform to engage with crypto,” Gemini said in a Twitter post on Thursday, adding the move is “another step towards making Gemini a truly global company.”
Gemini recently established a non-US crypto derivatives platform and in April unveiled plans to pursue growth in Asia. It’s one of a number of American digital-asset businesses that have been the target of legal action by the Securities and Exchange Commission. The regulatory heat has put the onus on searching for opportunities outside the US.
Read more: Gemini Derivatives Plan Adds to Crypto’s Flight From the US
The exchange is also embroiled in an ongoing bankruptcy spat over failed crypto lender Genesis Global Capital. More than 200,000 users of Gemini’s Earn program have funds locked up in Genesis’s estate due to a service arrangement between the two companies.
Separately, the Crypto.com exchange said Thursday that it finalized a license from the Monetary Authority of Singapore, a year after receiving the in-principle approval.
©2023 Bloomberg L.P.
