{"id":15608,"date":"2023-05-30T08:06:03","date_gmt":"2023-05-30T12:06:03","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/billionaire-winklevoss-twins-in-crisis-mode-as-gemini-crypto-exchange-faces-setbacks-whats-going-on\/"},"modified":"2023-05-30T08:06:03","modified_gmt":"2023-05-30T12:06:03","slug":"billionaire-winklevoss-twins-in-crisis-mode-as-gemini-crypto-exchange-faces-setbacks-whats-going-on","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=15608","title":{"rendered":"Billionaire Winklevoss Twins in Crisis Mode as Gemini Crypto Exchange Faces Setbacks \u2013 What’s Going On?"},"content":{"rendered":"
\n

Tyler and Cameron Winklevoss, the billionaire twins behind crypto exchange Gemini, are facing a series of setbacks as issues surrounding their exchange have reached new heights in recent times.<\/p>\n

The crypto company is struggling with a shrinking market share, regulatory issues, a\u00a0lawsuit by the SEC, a possible breakup with a banking partner, and a crucial due date on a loan.\u00a0<\/p>\n

The loan, if repaid by the lending partner’s parent company, could help recoup some of the $900 million worth of crypto deposits trapped in its defunct Earn product, according to a Bloomberg\u00a0report.\u00a0<\/p>\n

While trading activity has modestly recovered as of late, the growing regulatory pressure as well as the exchange’s small market share makes it difficult for Gemini to get back on its feet.\u00a0<\/p>\n

\u201cTheir small market share and raft of regulatory troubles portend a bleak future for Gemini,\u201d said Eswar Prasad, a professor at Cornell University and author of The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance.\u00a0<\/p>\n

That, and the skepticism of retail investors who lost money during the recent market meltdown, could \u201cmake it difficult for an exchange like Gemini to find a suitable niche.\u201d<\/p>\n

Last week, the founders were spotted in London following other US crypto executives who have recently gone on charm offensives abroad in part to counter the US crackdown.\u00a0<\/p>\n

There, they met with regulators and talked up a possible second headquarters in the UK.\u00a0<\/p>\n

On Thursday, the twins announced that Dublin would become Gemini\u2019s new European base.\u00a0<\/p>\n

Gemini Launches Derivatives Exchange Outside the US<\/h2>\n

The firm has recently\u00a0launched a derivatives exchange, Gemini Foundation, in a number of jurisdictions outside of the US, UK, and European Union. It also announced plans to set up an engineering hub in India.<\/p>\n

With personal fortunes of $3.2 billion each, according to Bloomberg calculations, the brothers are capable of self-funding Gemini \u2014 as they did in recent months during crypto\u2019s darkest days.\u00a0<\/p>\n

Digital-asset exchanges rely largely on trading fees, so the more volume a trading platform can attract, the better.\u00a0<\/p>\n

Trading on Gemini fell 46% in the first quarter of the year compared to the last quarter of 2022, which was among the steepest declines. It also faces an uphill climb to regain market share.<\/p>\n

Some analysts noted that a better outcome might be for a larger competitor to acquire Gemini.<\/p>\n

\u00a0\u201cThe Winklevoss twins have a strong brand,\u201d said Campbell Harvey, a finance professor at Duke University. \u201cYou can imagine possible mergers\u201d with bigger players like Coinbase or Kraken.\u00a0<\/p>\n

However, Gemini\u2019s legal issues could make it a tougher sell.\u00a0<\/p>\n

For starters, there\u2019s the defunct Earn product, whose customers haven\u2019t been able to withdraw their money since mid-November, when Gemini\u2019s lending partner, Genesis Global Capital,\u00a0filed for bankruptcy.\u00a0<\/p>\n

Gemini negotiated a tentative settlement on behalf of its Earn users with Genesis Global, as well as Genesis parent Digital Currency Group and other creditors in February, but it has yet to be finalized. Discussions are still ongoing.<\/p>\n

In January, the Securities and Exchange Commission sued both Gemini and Genesis for allegedly selling unregistered securities through Earn.\u00a0<\/p>\n

The regulator is seeking remedies including \u201cpermanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.\u201d\u00a0<\/p>\n

\u201cOne of the remedies they will seek from the court is that every single person gets their money back,\u201d John Reed Stark, former chief of the SEC\u2019s Office of Internet Enforcement, said at the time.\u00a0<\/p>\n

Nevertheless, Gemini\u2019s setbacks raise questions about whether it will ever be able to bounce back or if it will stay stuck in limbo.<\/p>\n

\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Tyler and Cameron Winklevoss, the billionaire twins behind crypto exchange Gemini, are facing a series of setbacks as issues surrounding their exchange have reached new heights in recent times. The crypto company is struggling with a shrinking market share, regulatory issues, a\u00a0lawsuit by the SEC, a possible breakup with a banking partner, and a crucial […]<\/p>\n","protected":false},"author":1,"featured_media":15609,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-15608","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nBillionaire Winklevoss Twins in Crisis Mode as Gemini Crypto Exchange Faces Setbacks \u2013 What's Going On? | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Tyler and Cameron Winklevoss, the billionaire twins behind crypto exchange Gemini, are facing a series of setbacks as issues surrounding their exchange\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=15608\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Billionaire Winklevoss Twins in Crisis Mode as Gemini Crypto Exchange Faces Setbacks \u2013 What's Going On? 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