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* * @link https://developer.wordpress.org/themes/basics/template-files/#template-partials * * @package CoverNews */ ?> Gemini to Launch New Crypto Derivatives Platform – CoinsMegaNews

Gemini to Launch New Crypto Derivatives Platform

2 years ago CryptoExpert
SEC Drops Hammer on Gemini for Unregistered Security Offerings Via Earn Program

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Gemini has launched a non-US derivatives exchange with a Bitcoin perpetual contract as its first derivative contract.

According to an announcement, ‘Gemini Foundation’ will allow its customers to trade spot and derivative products. These products will be denominated in Gemini’s stablecoin — GUSD. Potential customers can sign up to be notified when the platform goes live.

Gemini Derivatives Platform Not for U.S. Users

Gemini Foundation will be unavailable for users in the United States of America, where some exchanges have found themselves in hot water for offering crypto derivatives services. For example, Binance is being sued by the Commodity Futures Trading Commission (CTFC) for allegedly breaking trading and derivatives rules.

According to Gemini, the new platform will be accessible to users in other countries including Brazil, South Africa, New Zealand and Nigeria.

Gemini is one of the biggest exchanges in the U.S. On April 22, the firm had a 24-hour trading volume of $43.2 million, according to BeInCrypto data.

Gemini Crypto Exchange Trading Volume
Source: BeInCrypto

Gemini Has Global Ambitions

Gemini’s expansion plans also include a planned new engineering center in India. Gemini Asia Pacific CEO, Pravjit Tiwana, said the office would be the second-largest engineering hub behind the U.S.

Meanwhile, co-founders Tyler and Cameron Winklevoss said the expansion is part of the company’s plans for international growth. They added that the firm would expand its business teams in India and Singapore to grow its customer base.

Crypto Firms Are Leaving the U.S.

Gemini’s latest moves highlight the current trend of crypto firms leaving the U.S. due to the lack of regulatory clarity. Since the beginning of 2023, numerous exchanges including Nexo, Beaxy, and Bittrex have ceased operations in the country, citing the regulatory conditions.

Coinbase — the only publicly listed crypto exchange in the U.S. — is also refocusing its efforts on the international market. According to a BeInCrypto report, the exchange has secured a license in Bermuda and could launch an offshore derivatives platform soon. Coinbase stated that it chose Bermuda because of its clear regulations. In a recent update, the firm said the country’s regulatory environment is characterized by a “high level of rigor, transparency, compliance, and cooperation.”

Meanwhile, SEC Chair Gary Gensler has maintained that the industry is rife with non-compliance. Gensler told U.S. lawmakers that the lack of compliance places investors at risk and damages the public trust in the capital markets. Due to this, the Commission has filed several enforcement actions against these firms for violating federal securities law.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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