Gemini, a cryptocurrency exchange founded by the Winklevoss twins, is facing challenges as it tries to stay relevant in the industry. The SEC is suing the exchange for allegedly selling unregistered securities, its market share has shrunk, and its banking partner wants to break up.

A crucial due date on a loan, which could help hundreds of thousands of Gemini customers recoup some of the $900 million worth of crypto deposits trapped in its defunct Earn product, has also passed.

Gemini is now pivoting abroad, announcing plans to set up a European base in Dublin and a derivatives exchange in several jurisdictions outside the US, UK and European Union. Despite setbacks, the Winklevoss brothers remain committed to Gemini and have a personal fortune of $3.2 billion each to self-fund the exchange.