The Winklevoss twins-run crypto exchange Gemini is planning to expand in Europe, starting with several key senior hires. Former Kraken CEO Mark Jennings will head the exchange’s European unit, the company said in a press release on Thursday.
Heading rival exchange Kraken’s operations in Europe, Jennings formerly worked at Citigroup, Credit Suisse Group, among others.
Gemini has also onboarded Daniel Slutzkin as head of UK and Vijay Selvam as international-focused general counsel. Selvam was previously with Gemini’s Asia-Pacific team and will now take responsibility for Gemini’s licensing and regulatory compliance in Europe.
Per the company’s corporate filings, Slutzkin was appointed to the board of Gemini’s UK entities in December, a Bloomberg report notes.
“This incredible opportunity allows me to lead in one of the most dynamic and rapidly evolving markets for digital assets,” said Jennings in a LinkedIn post. “I’m excited to collaborate with an exceptional team as we work to expand our presence, serve our customers across the region, and unlock new possibilities in the digital asset space.”
In November, the exchange officially launched its operations in France, 11 months after it received approval to operate as a virtual asset services provider.
Meanwhile, the European Union (EU)’s landmark regulation for the increasingly high-profile crypto-assets sector – MiCA – came into full force last December. The licensing requirement mandates all existing crypto service providers to register within three months or risk operational suspension.
Gemini’s Strong Foothold in Ireland
The crypto exchange chose Dublin, Ireland, as the location for its European headquarters in 2023. The decision came after the twins conducted several worldwide meetings with government and regulatory officials, including Ireland and the UK.
Soon, other exchanges followed suit, establishing a strong base in Ireland. Crypto.com, for instance, received the virtual asset service provider (VASP) license from the Central Bank of Ireland in June 2024.
Early this week, crypto exchange HashKey’s European arm obtained approval for a VASP in Ireland, marking the region as a fast-evolving crypto hub.
Crypto firms flocking to the country follow a concerted effort by Ireland to foster innovation. In 2018, Ireland’s government created an innovation hub to allow fintech firms to engage with the central bank.
Per a 2022 update from the Central Bank of Ireland, a third of inquiries into the innovation hub came from companies within the blockchain or crypto sectors.
In contrast, several crypto firms, including Gemini have faced significant regulatory scrutiny in the US recently. On Tuesday, the exchange reached a $5M settlement with the CFTC over allegations of misleading Bitcoin futures statements.
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