Gemini Malta, the local branch of a crypto exchange owned by the Winklevoss twins, had barely started operating when its US parent company suddenly decided to shut down operations across Europe and Australia.
Malta was set to serve as its new European headquarters after the company determined that the country offered a more proactive regulatory environment than Ireland, its previous base.
Gemini Malta appointed a CEO, Miguel Attard, last August, taking the plunge after some 14 years working at Sparkasse Bank Malta.
By the time the crypto branch decided to exit Europe, Gemini Malta had employed six people, with additional hires underway, including a Malta-based head of EU compliance.
When questioned, Mr Attard told WhosWho.mt that he doesn’t know the exact reason behind Gemini’s departure and refused to speculate whether it had anything to do with European regulatory and compliance costs.
“Their decision hit Europe by surprise,” he said. “It was a business decision taken by the US head office, which decided to refocus their resources on their own jurisdiction. It could happen to any business, not just in those operating in the crypto space.”
In a letter to users, Gemini co-founders Tyler and Cameron Winklevoss said that foreign markets “have proven hard to win in” and create “organisational and operational complexity” that slows them down.
Gemini will now focus on the United States and pivot towards prediction markets with a new product.
Meanwhile, the nascent Malta team has been left to pick up the pieces.
“Everyone here has been laid off and it’s time to move on and focus on trying to find alternative opportunities,” Mr Attard said. “It’s a surreal feeling.”
