Gemini opens a crypto derivatives platform outside the US

Apr 25, 2023
The American Gemini cryptocurrency exchange has announced plans to launch an offshore derivatives platform due to the tightening of the regulatory framework in the United States.
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The new platform will be called Gemini Foundation, and the first product will be an indefinite BTC contract with a nominal value in Gemini GUSD coin. In the future, the platform plans to introduce an indefinite ETH/GUSD contract, which, unlike standard derivatives, does not have an expiration date.

The decision to launch a new platform coincided with the tightening of the requirements of US regulatory authorities regarding cryptocurrency. Recall that in January 2023, the SEC accused Gemini exchange and crypto lender Genesis Global Capital of selling unregistered securities.

It is worth noting that the Gemini Foundation’s presence outside the United States will not mean complete freedom and lack of control by the American authorities by observers.

Earlier, some crypto exchanges faced a number of lawsuits in the United States. One of the largest American crypto exchanges, Coinbase, also faced regulatory measures in the United States and discussed the possibility of leaving the country. The Commodity Futures Trading Commission has filed a lawsuit against the largest crypto exchange on Binance, despite the jurisdiction of the company in another country. A similar situation occurred with a registered one in the Bahamas.

These facts indicate the growing problem of double interpretation of laws around cryptocurrencies in the States.