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Crypto exchange founded by Winklevoss twins moved to Malta after compliance concerns about risk of 'illegal business model', lawyer claims
Summary
Kian Pettit, the former head of compliance in Europe for the crypto exchange Gemini, has claimed that he was sidelined and forced out of his job after warning the company that its operating model would fall foul of EU crypto trading regulations. Pettit alleged that Gemini's model of executing trades at a guaranteed price would violate the Markets in Crypto-Assets Regulation (MiCA), which requires exchanges to provide price improvement to customers. He said that the company's leadership decided to move operations to Malta, where they could operate under a more friendly regulator. Pettit claimed that he had no input in the decision and that his role was reduced to handling compliance work for small regulated businesses in Ireland. Gemini denied the allegations, stating that there was no evidence of illegality and that Pettit's claims did not stack up. The tribunal heard that Pettit had not invoked the company's grievance process before resigning, which could affect the success of his constructive dismissal claim. The case was adjourned for further consideration.
Who, what, where, when and why
What: Report matter: Crypto exchange founded by Winklevoss twins moved to Malta after compliance concerns about risk of 'illegal business model', lawyer claims. Procedural stage: hearing_or_decision
When:
- May 2024 Incident
- 28 February Hearing Or Sentence
- July 2024 Incident
- 1 April 2025 Other
- 2025-11-25 Publication
Why: Mr Pettit told a hearing today that he took a pay cut to join Gemini because he wanted to take a leadership role in securing its authorisation to trade in the EU. CNI source report
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