Over the last couple of days, news reports on Winkevoss twins’-run Gemini exchange contemplating entering the United Kingdom in a bid to possibly compete with another US based exchange Coinbase have been doing the rounds.
News media outlets such as Bitcoinist, FT, and others gave the impression that the exchange, “is serious about a foray into the UK market.”
However, Crypto-News India reached out to the exchange and this is what they had to say in response, “Gemini continues to explore potential jurisdictions around the globe to provide a best-in-class digital asset exchange and custodian which will enable growth and infrastructure to the entire digital asset community. Although we have no immediate plans, we continue our mission to build the future of money and will always evaluate opportunities that allow the global economy to buy, sell, and store digital assets in a regulated, secure and compliant manner.”
Interestingly, if one were to go by the wording, the exchange is not very clear on whether or not it plans to expand to the United Kingdom currently. Also, ambiguous sources stating the same, doesn’t really help with the credibility of the information, no matter how esteemed the publication is.
Another aspect is, if the exchange was indeed planning this, it would have mentioned something like a teaser on its social media platform, essentially in words like, “We have some exciting news for you!”
So, the point is, it is very reckless on the part of media portals to pre-emptively announce something on behalf of an exchange, that has not yet announced the news. Our short but eventful history in cryptocurrency journalism has taught us that news based on “anonymous sources”, seldom comes to naught.
To illustrate this point, recently, nearly all media houses jumped the gun when there was a rumour that Goldman Sachs was planning to drop cryptocurrency trading, courtesy of ‘unnamed sources.’ However, the next day, Marty Chavez, the Chief Financial Officer (CFO), of Goldman Sachs said, “I was in New York yesterday and I was co-chairing our risk committee, and I saw the news article. It wasn’t like we announced anything or that anything had changed for us… I never thought I’d hear myself actually use this term, but I’d really have to describe that as fake news.”
So, the lesson learned here is, maybe don’t count your chickens before they hatch.
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