Gemini Cryptocurrency Exchange Prepares for Global Expansion Amid Regulatory Challenges
Gemini, the American crypto exchange, is expanding its services overseas, citing regulatory uncertainty in the US. The company has announced the launch of the Gemini Foundation, a non-US crypto derivatives platform. Initially, it will offer customers a perpetual Bitcoin (BTC) contract denominated in Gemini dollars (GUSD), with a GUSD-linked perpetual Ethereum (ETH) contract coming soon.
The platform aims to allow eligible customers to trade both spot and derivatives products and execute all of their trading strategies within a secure and trusted platform. However, the Gemini Foundation won’t be available to customers in the US. Instead, it targets users in various countries, including Singapore, Hong Kong, India, Argentina, Bahamas, Bermuda, and many more.
Gemini’s expansion beyond the US comes as rival crypto exchanges face tighter scrutiny from regulatory bodies like the U.S. Securities and Exchange Commission (SEC) and the Commodities Future Trading Commission (CFTC). Recently, the CFTC filed a complaint against Binance for allegedly breaking the regulatory body’s rules, while the SEC sent a Wells Notice to Coinbase, informing the US-based exchange that it may face enforcement action.
By launching the Gemini Foundation, the exchange is aiming to expand its services beyond US borders while providing a trusted and secure platform for eligible customers to trade in crypto derivatives.
Clever Robot News Desk 25th April 2023