Gemini launches international derivatives platform

Gemini's Earn program suspended withdrawals in November after its operating partner, Genesis, cited "unprecedented market turmoil."

Gemini launches international derivatives platform
Gemini launches international derivatives platform

Gemini, a cryptocurrency exchange based in the United States, announced on April 21 the imminent debut of a derivatives platform outside the U.S. The action coincides with a tightening and uncertain regulatory environment for cryptocurrency companies in the country.

The offshore division, dubbed Gemini Foundation, will provide services to clients in Singapore, Hong Kong, India, Argentina, Bahamas, Bermuda, British Virgin Islands, Bhutan, Brazil, Cayman Islands, Chile, Egypt, El Salvador, Guernsey, Israel, Jersey, New Zealand, Nigeria, Panama, Peru, Philippines, Saint Lucia, Saint Vincent & the Grenadines, South Africa, South Korea, Switzerland, Thailand, Turkey, Uruguay, Venezuela, and Vietnam. It will not provide services to customers in the United States.

The first derivatives contract on the platform will be a Bitcoin perpetual contract denominated in Gemini dollars (GUSD), followed shortly by an ETH/GUSD perpetual contract.

Customers who qualify will be able to trade spot and derivatives products, as well as convert USD and USD Coin 1:1 into GUSD. Additionally, fees, revenues, and losses will be processed in GUSD. The leverage is set to 20x by default, with a maximum of 100x possible.

Unlike traditional futures contracts, perpetual contracts never expire. The Commodity Futures Trading Commission (CFTC) does not regulate futures trading on perpetual assets.

BitMEX and other exchanges offering cryptocurrency futures contracts are unavailable to U.S. customers.

Gemini announced a few days earlier its intention to establish a new engineering center in India.

Tyler and Cameron Winklevoss, the exchange’s proprietors, recently announced “major plans for international expansion in APAC this year.”

Gemini submitted a pre-registration with the Ontario Securities Commission earlier this month to become a restricted dealer in Canada.

Gemini has been investigated by United States authorities.

According to reports, the New York State Department of Financial Services is investigating the exchange in response to claims that a large number of users believed assets in their Earn accounts were insured by the Federal Deposit Insurance Corporation.

In November, Gemini’s Earn program suspended withdrawals after its operating partner, Genesis, cited “unprecedented market turmoil.”

The company filed for Chapter 11 bankruptcy in January. At the time, it was reported that up to $900 million in Earn user funds may have been frozen.

In January, the U.S. Securities and Exchange Commission charged the exchange with offering unregistered securities via Earn.


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