Gemini moves HQ from Dublin to Malta in blow to Ireland’s reputation as European regulatory hub for crypto industry

The cryptocurrency exchange founded by the US billionaire Winkelvoss twins claims that the change of headquarters was due to a more ‘proactive’ industrial climate outside Ireland

Gemini, the cryptocurrency exchange founded by the US billionaire Winklevoss twins, has moved its headquarters from Ireland to Malta, the Irish Independent can reveal.

The corporate switch, which is rare for multinational firms, has been described as a blow to confidence in Ireland’s position as an emerging EU location for financial blockchain and cryptocurrency firms and comes among growing industry unease about delays in regulation here.

“Malta will now serve as our European HQ, allowing us to continue to grow our European-wide operations,” a spokesperson for the company told the Irish Independent.

“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 license in Ireland and maintain a good relationship with the regulator there.”

Gemini’s move comes less than two years after it picked Ireland as its EU headquarters, at the time citing a positive view of the Irish regulatory landscape.

But the company now views other EU countries as being more “proactive” than Ireland, with the Irish Central Bank dragging its heels on getting up to speed on key EU regulation applied in other European countries.

A spokesperson for Blockchain Ireland, which represents Irish industry in the sector, described the move as “deeply concerning” for Ireland’s place in the emerging European crypto industries, adding that jobs in the sector may now be lost.

Other Irish industry executives are understood to be concerned that Gemini’s move might trigger a snowball effect at a formative time for companies establishing European bases of operation.

Despite the Markets in Crypto Assets Regulation (Mica) law being enforceable across the EU since the start of 2025, the Irish Central Bank began a process of recruiting consultants to advise it on how to form an approach on the regulation this month. The institution is not expected to be up to speed until late spring or summer.

The Irish Central Bank’s view of cryptocurrency firms has been critical, with governor Gabriel Makhlouf describing them as “Ponzi schemes”.

Gemini has electronic money institution (EMI) authorisation here, as well as being registered as a virtual asset service provider (Vasp).

It recently changed its head of Europe from Gillian Lynch to Mark Jennings.

Reporting on:independent.ie