Gemini officially launched its exchange outside of the US
The cryptocurrency exchange will offer its services in countries such as Singapore, Hong Kong, India, Argentina, Bahamas, among others
Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has officially launched a new platform for clients outside the US. The platform, known as Gemini Foundation, is now available in over 29 countries including Singapore, Hong Kong, India, Argentina, Bahamas, Bermuda, British Virgin Islands (BVI), Brazil, Cayman Islands, Chile, Egypt, El Salvador, among others.
Gemini Foundation will not offer services within the US, as well as some countries within the European Union and the UK. The platform will focus on Asia and Latin America.
According to a blog post on the Gemini website, the new platform will offer perpetual BTC contracts in Gemini Dollar (GUSD), with leverage of up to 100x. The company also plans to launch ETH/GUSD contracts in the coming weeks.
Gemini Foundation aims to provide individuals and institutions with a reliable, highly available, and capital-efficient platform for trading derivatives. The platform combines powerful trading tools with an elegant user experience, designed to help traders succeed.
Gemini is launching operations outside the US due to the regulatory uncertainty faced by the country, as local regulators have been acting restrictively against exchanges that allow residents to purchase digital currencies.
The CFTC recently charged Binance and its CEO with violating several important regulations, while the SEC issued a “Wells Notice” to Coinbase, notifying them of possible securities law violations with some of their products and services. Kraken was also fined $30 million by the SEC and had to suspend its staking programs after being accused of trading unregistered securities. Gemini has also faced allegations from the SEC regarding its Earn Program, which it ran jointly with Genesis Global.
(Reference image source: Aleksi Räisä, Unsplash)
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