American crypto exchange Gemini is expanding its operations overseas as US federal regulators create uncertainty in the industry at home.
The exchange says it’s launching the Gemini Foundation, a non-US crypto derivatives platform that will initially offer customers with a perpetual Bitcoin (BTC) contract denominated in Gemini dollars (GUSD).
Gemini says the platform will launch a GUSD-linked perpetual Ethereum (ETH) contract next amid plans to offer more derivatives products in the coming months.
“Eligible customers will be able to trade both spot and derivatives products and execute all of their trading strategies within a secure and trusted platform.”
Gemini Foundation will not be available to customers in the US.
The platform targets users in Singapore, Hong Kong, India, Argentina, Bahamas, Bermuda, British Virgin Islands (BVI), Bhutan, Brazil, Cayman Islands, Chile, Egypt, El Salvador, Guernsey, Israel, Jersey, New Zealand, Nigeria, Panama, Peru, Philippines, Saint Lucia, Saint Vincent & Grenadine, South Africa, South Korea, Switzerland, Thailand, Turkey, Uruguay and Vietnam.
Gemini is expanding beyond the US as rival crypto exchanges face tighter scrutiny from the U.S. Securities and Exchange Commission (SEC) and the Commodities Future Trading Commission (CFTC).
Last month, the CFTC filed a complaint against Binance alleging that the world’s top exchange broke the regulatory body’s rules and has been actively avoiding compliance. The SEC also sent Coinbase a Wells Notice, informing that it may institute enforcement action against the US-based exchangeDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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