Gemini Launches Non-U.S. Derivatives Platform Amid Hostile Regulatory Environment

Gemini Launches Non-U.S. Derivatives Platform Amid Hostile Regulatory Environment

Gemini, founded by Tyler and Cameron Winklevoss, has announced a non-U.S. derivatives platform to serve 30 countries and territories, including Singapore, Hong Kong, Brazil, and the Philippines. The decision comes as U.S.-based crypto firms take their business elsewhere due to increasingly hostile regulatory environments at home. In an interview with Fortune, the Winklevoss twins said that the regulatory situation in the U.S. is a “total logjam.” Gemini had applied to the Commodity Futures Trading Commission in early 2020 to operate a U.S. derivatives exchange but pulled the application in early 2023 after it was “made clear that it was not going to happen anytime soon.” Gemini's new offshore platform allows users to trade Bitcoin perpetual contracts with up to 100x leverage, or the amount they can multiply their exposure.

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