Crypto Exchange Gemini To Expand To The UAE• June 4, 2023 2:16 pm • Comments
It was reported that the crypto exchange Gemini is in the process of acquiring a crypto license that will allow it to operate in the United Arab Emirates.
Like many other exchanges, Gemini is now focused on expanding its operations and has been focusing on expanding to around 20 countries internationally.
The UAE has been known to be a very pro-crypto environment as far as regulations go so it is no surprise that the region has been selected by Gemini.
So far, no specific details have been revealed on when the exchange will launch in the region, but it is expected that it will be soon due to intense competition with other exchanges.
As for what this means for crypto investors, this is generally positive as it means the buying and selling of crypto is now becoming mainstream across the entire world.
1/ We’re coming to the UAE! 🇦🇪
We’re thrilled to announce that Gemini will soon begin the process of acquiring a crypto license to serve customers based in the United Arab Emirates (UAE). pic.twitter.com/Ycdj9RxMbE
— Gemini (@Gemini) June 1, 2023
Its push in the UAE comes as the nation is trying to develop virtual asset regulation to attract new forms of business as economic competition heats up in the Gulf region.
“By applying for a license, we will be taking another step towards making Gemini a truly global company,” the exchange said in a blog post.
It did not say when they expect to start operating in the UAE.
Digital assets industry is recovering from several blow-ups last year, including the bankruptcy of Sam Bankman-Fried’s crypto exchange FTX and companies are looking to expand their global footprint amid escalating tensions between the crypto sector and regulators in the United States.
With access to trading crypto more common, it will eventually mean more institutional investors getting into the market due to the convenience.
As a result, more capital will enter the market which will lead the further growth of the entire crypto industry.
Previously, Gemini had been sued by the CFTC for apparently misleading the regulator about the launch of Bitcoin futures contracts.
Clearly, it has faced many obstacles in the US when it comes to its crypto operations so the expansion to UAE is seen as a way to diversify its business.
Gemini joins many other exchanges like Coinbase and Binance in its expansion strategy which creates bullish momentum for all crypto markets.
Crypto exchange Gemini has revealed it is seeking a crypto license in the United Arab Emirates, citing fruitful conversations with regulators. https://t.co/OSmvZ7zDc8
— Cointelegraph (@Cointelegraph) June 1, 2023
In January, Gemini co-founder Cameron Winklevoss wrote a letter to its parent company Digital Currency Group (DCG) alleging that DCG defrauded Gemini customers in relation to Gemini Earn. Prior to that, Gemini was sued by the CFTC for “misleading the regulator in conversations concerning the launch of bitcoin futures contracts.”
Gemini’s move into the UAE highlights the country’s emerging status as a bitcoin hub. In addition, it highlights the continued flight of major exchanges out of the U.S. as a result of tightening regulations.
At the beginning of May, Coinbase introduced its new international exchange arm called Coinbase International, with the company stating that “countries around the world are increasingly moving forward with responsible crypto-forward regulatory frameworks to strategically position themselves as crypto hubs.”
As part of Gemini’s 2022 Global State of Crypto Report, we found that those in the UAE were rapidly acquiring crypto and putting it to use making in-person purchases. 🤝
— Gemini (@Gemini) June 1, 2023
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