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Gemini Foundation, the non-US derivatives platform, recently launched its services on May 1st, catering to customers in 29 available jurisdictions including Singapore, Hong Kong, and India. The aim is to provide BTC perpetual contracts and 100x leverage with ETH/GUSD perpetual contracts set to launch in the coming weeks.
Regulatory Headwinds in the US
Gemini was founded in 2014 to work closely with regulators in the United States. After receiving trust charter from the NYDFS in 2015, Gemini has since hit a number of regulatory challenges. In 2022, CFTC sued Gemini over the first US-regulated Bitcoin futures contract that was alleged to contain false and misleading statements. More recently, Gemini and Genesis were charged by SEC with unregistered offer and sale of securities. This move marks Gemini’s first offshore product, and the Winklevoss twins are hoping to launch derivatives products in their home country despite regulatory headwinds.
Exclusion of UK and EU Users from the New Service
Gemini’s newly launched service aims to target both retail and institutional traders except for the users from the UK and EU. Gemini Foundation’s recent move to pivot to Asia includes plans to set up a new engineering hub in Gurgaon, India, to develop next-generation web, mobile user experience, and introduction of feature sets for NFT and crypto marketplaces aimed to benefit institutional and retail clients in over 70 nations
