Gemini Twins Set Sights On UAE: Winklevoss Brothers Seek Digital-Asset License

Tyler and Cameron Winklevoss, billionaire twins and founders of the Gemini crypto exchange, are turning their ambitions to the United Arab Emirates (UAE) as they plan to seek a digital-asset license in the country.

The move, unveiled in a recent Gemini Twitter announcement, marks the initial step in extending their crypto services to customers within the UAE and beyond.

This also underscores Gemini's efforts to expand its global presence.

"Gemini's application signifies our determination to offer a robust, secure, and user-friendly crypto platform to our customers in the UAE and beyond," the exchange said, highlighting the global aspirations of the company.

Gemini has been making strides in its international expansion, recently setting up a non-U.S. crypto derivatives platform and announcing in April its intention to stimulate growth in Asia.

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Such moves come amid a growing trend of U.S.-based digital-asset enterprises seeking growth beyond American borders, especially in the face of increased scrutiny and legal action from the U.S. Securities and Exchange Commission.

The crypto exchange is also currently grappling with a continuing bankruptcy conflict related to Genesis Global Capital, a defunct crypto lending institution.

A service agreement between Gemini and Genesis has resulted in the freezing of funds for over 200,000 users of Gemini’s Earn program within the latter's estate.

In a separate development, the digital currency exchange Crypto.com announced on Thursday that it had secured a license from the Monetary Authority of Singapore.

This comes a year after the platform received preliminary approval from the regulatory body.

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