Gemini, the cryptocurrency exchange founded by US billionaires the Winklevoss twins, has confirmed the relocation of its European headquarters from Ireland to Malta, citing a more proactive regulatory environment.

The move, revealed by the Irish Independent, marks a rare shift for a multinational company and raises concerns about Ireland’s reputation as a prime destination for blockchain and cryptocurrency firms.

A spokesperson for Gemini confirmed the decision, stating, “Malta will now serve as our European HQ, allowing us to continue to grow our European-wide operations. We chose Malta due to its proactive approach to fostering innovation among fintech and digital assets. We considered our options and chose the jurisdiction that best supports our growth plans. But we’re committed to Ireland and will maintain an office on the ground there. We still have our EMI licence in Ireland and maintain a good relationship with the regulator there.”

This relocation comes less than two years after Gemini initially selected Ireland as its European base, at the time praising the country’s regulatory landscape. However, the firm has since expressed concerns that Ireland’s approach to crypto regulation is lagging behind other EU countries.

The Irish Central Bank has been slow to implement the Markets in Crypto Assets Regulation (MiCA) framework, which has been enforceable across the EU since early 2025. Despite this, the bank only recently began recruiting consultants to develop its approach to the new regulations, with expectations that it will be fully aligned by late spring or summer.

This delay, coupled with previous sceptical remarks from Irish Central Bank governor Gabriel Makhlouf – who likened cryptocurrency firms to “Ponzi schemes” – has contributed to industry unease.

Blockchain Ireland, an industry body representing the sector, described Gemini’s departure as “deeply concerning” for Ireland’s status as an emerging hub for digital assets. Industry leaders fear that this decision could set off a chain reaction, deterring other companies from establishing operations in the country.

Gemini holds an Electronic Money Institution (EMI) licence in Ireland and is also registered as a Virtual Asset Service Provider (VASP). Alongside the headquarters move, the company recently appointed Mark Jennings as its new Head of Europe, replacing Gillian Lynch.

Population growth concerns in Malta

The move has also sparked discussions about Malta’s rapid population growth and its impact on housing and infrastructure. Steve Mercieca, co-founder of Zanzi Homes, responded to the news in a social media post, expressing concerns about the island’s capacity to accommodate increasing numbers of businesses and residents.

“Another example of unstoppable population growth,” he wrote.

“We need a quick fix and a long-term plan for affordable housing. Short term: Build special-purpose medium high-rise towers with caps on rent via public and private investment. Long term: Negotiate with the EU on a cap for EU citizens migrating to Malta. Population will surpass 1 million by 2040. We need to get ready. We need a strategic plan and new planning policies that will cater for this mass migration on the horizon,” he added.

Mr Mercieca further highlighted Malta’s unique challenge, noting that while many European cities have long struggled with overpopulation, Malta is experiencing it on an unprecedented scale: “If we think we have a problem with traffic and infrastructure today, look at 10 years ago and try and foresee what it’s going to be like in 10 more years.”