A platform for non-US derivatives has been launched by the crypto exchange Gemini to serve customers in 29 countries and territories.
Gemini’s move to relocate its business outside of the US market is a continuation of a trend among cryptocurrency businesses to look for more hospitable regulatory settings abroad.
Gemini has launched Gemini Foundation, a new non-US derivatives platform, across 29 nations. The site offers permanent Gemini Dollar (GUSD) contracts with up to 100x leverage for bitcoin, and it soon plans to start trading in Ethereum.
The exchange said that it would be expanding its provision of perpetual contracts, dated futures, and options trading in the coming months. The platform offers users a reliable, highly accessible, and capital-efficient venue to trade derivatives. Both institutional and retail traders are intended to use it.
The platform is inaccessible to users in the United States, the United Kingdom, and the European Union. Investors will, however, have access to it in a few nations in Asia, Africa, and Latin America.
For clients in all 29 general jurisdictions, including Singapore, Hong Kong, India, Argentina, Bahamas, Bermuda, British Virgin Islands (BVI), Bhutan, Brazil, Cayman Islands, Chile, Egypt, and El Salvador, among others, the eagerly awaited non-US derivatives platform, Gemini Foundation, went live on May 1.
The reason for Gemini’s disclosure is that the US Securities and Exchange Commission (SEC) has stepped up enforcement operations against exchanges like Bittrex and Beaxy in response to regulatory concerns in the nation.
Gemini has established a new subsidiary in addition to expanding to Asia. The exchange announced intentions to construct a new engineering headquarters in Gurgaon, India, after the expansion in Singapore.
The features and products developed in India may be used by institutional and retail consumers from more than 70 other nations. The newly formed team, which will aim to develop the most cutting-edge web and mobile user experiences and deliver feature sets for NFT and cryptocurrency marketplaces, will be led by Pravjit Tiwana, the recently hired CEO of Gemini Asia Pacific.
