- May 2, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Gemini has launched a non-U.S. derivatives platform — Gemini Foundation — in 30 countries, according to a May 2 statement.
The exchange said the new platform would start trading with Bitcoin (BTC) perpetual contracts denominated in Gemini dollars (GUSD) with up to 100 times leverage. It plans to launch trading for Ethereum (ETH) soon.
“In the coming months, we will expand our derivatives offering with additional perpetual contracts, dated futures, and options trading. “
The exchange explicitly stated that the platform is unavailable to customers in the United States of America, the United Kingdom, or the European Union.
Meanwhile, the platform would be available for crypto investors in selected countries in Latin America, Asia, and Africa — like Singapore, Hong Kong, India, Argentina, Bahamas, Nigeria, Egypt, South Africa, etc.
The platform would be available for both institutional and retail traders.
“Gemini Foundation offers customers a capital-efficient, highly available, and trusted venue to trade derivatives. [It is] Purpose-built for both individuals and institutions.”
US regulatory issues pushing exchanges abroad
The exchange’s pivot is coming on the trail of the recent regulatory issues in the United States. The U.S. Securities and Exchange has ramped up its regulatory actions recently, filing actions against exchanges like Bittrex and Beaxy.
The financial regulator has also filed charges against Gemini over its defunct Earn program.
Meanwhile, Gemini’s announcement is coming after Coinbase launched its international exchange. Earlier today, Coinbase said this platform targets institutional traders outside the United States.
Gemini’s Earn update
On April 30, Gemini said it agreed to start a 30-day mediation process to drive to a final resolution with crypto lender Genesis, Digital Currency Group (DCG), the Unsecured Creditors Committee (UCC), and the Creditor Committee.
The crypto exchange said it was “supportive of mediation” and was working with the parties to conclude the matter. However, Gemini expressed its frustration over the pace of progress.
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