Winklevoss Twins, Crypto Pioneers and Facebook Lawsuit Veterans, Shift Gemini’s European GQ To Malta
The cryptocurrency exchange, Gemini, founded and run by American billionaires and entrepreneurs Cameron and Tyler Winklevoss, moved their base of operation to Malta.
This rare corporate move has been seen as a setback to Ireland’s ambition to establish itself as a key European regulatory hub for the cryptocurrency and blockchain industries. The decision follows growing concerns within the sector about regulatory delays in Ireland, as reported by the Irish Independent.
“Malta will now serve as our European HQ, allowing us to expand our operations across Europe,” a Gemini spokesperson told the Irish Independent.
The company cited Malta’s proactive stance on fintech and digital asset innovation as the primary reason for the move. “We evaluated our options and chose the jurisdiction that aligns best with our growth plans. However, we remain committed to Ireland, maintaining an office and our EMI license there, as well as a positive relationship with the Irish regulator.”
Gemini’s relocation comes less than two years after the company chose Ireland for its European base, originally praising the country’s regulatory environment. However, it now views other EU jurisdictions as more forward-thinking, with delays at the Irish Central Bank in adopting EU-wide regulations contributing to its decision.
Industry concerns have grown following the move, with a spokesperson for Blockchain Ireland calling it “deeply concerning” for Ireland’s position in the burgeoning European crypto sector. The organisation warned of potential job losses and a risk of similar moves by other firms.
Some Irish executives fear Gemini’s decision could trigger a domino effect at a critical time for companies setting up European operations.
Despite the EU’s Markets in Crypto Assets Regulation (MiCA) becoming enforceable in 2025, the Irish Central Bank only recently began recruiting advisors to help shape its approach, with progress expected no sooner than late spring or summer. The bank has been notably skeptical of cryptocurrency firms, with Governor Gabriel Makhlouf likening them to “Ponzi schemes.”
Gemini, which holds both Electronic Money Institution (EMI) authoriSation and Virtual Asset Service Provider (VASP) registration in Ireland, recently replaced its head of Europe, Gillian Lynch, with Mark Jennings.
This coincides with similar moves by some of the largest crypto companies, like OKX.com and Crypto.com
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