coinspress.com
Gemini has unveiled a new exchange for derivatives trading that provides both spot and derivative products utilizing its stablecoin, GUSD.
However, due to regulatory concerns, users from the US will not have access to the platform. On the other hand, residents of various countries, including Brazil, South Africa, New Zealand, and Nigeria, can register for notifications about the platform’s upcoming launch.
Gemini’s co-founders, Tyler and Cameron Winklevoss, have stated that this expansion is part of the company’s plans for international growth, including opening a new engineering center in India.
Gemini’s move comes at a time when several crypto firms are leaving the US due to the lack of regulatory clarity.
READ MORE: EU Approves MiCA Regulation: What It Means for Crypto Companies and Consumers
Coinbase, which is the solitary crypto exchange that has gone public in the United States, is expanding its global outreach and has recently obtained a license for its offshore derivatives platform in Bermuda.
Coinbase has acknowledged the regulatory framework in Bermuda as highly stringent, transparent, and cooperative.
Nonetheless, the SEC Chairman, Gary Gensler, has cautioned that the crypto industry is plagued with instances of non-compliance, which can jeopardize investor safety and erode public confidence in capital markets.