U.S. Crypto Exodus? Gemini Opens Fourth International Office
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Loading... - caleb millie
- 24 Apr 2023
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The United States crypto regulatory landscape is uncertain as Congress is yet to deliver a comprehensive regulatory framework. The situation worsens as regulators like the U.S. Securities and Exchange Commission (SEC) remain bent on asserting jurisdiction over crypto markets through enforcement.
Lingering uncertainty and fear of SEC enforcement have led to growing concerns that U.S.-based crypto businesses could focus efforts abroad. In the latest instance, one of the leading U.S.-based crypto exchanges, Gemini, announced plans to expand its growing list of international offices amid a legal tussle with the SEC.
This year, Gemini was among the first crypto firms to land in the markets regulator’s crosshairs. In January, the SEC charged the crypto exchange with breaking U.S. Securities laws, alleging that its “Earn Program” was an unregistered securities offering.
Announcing plans for an expansion in India, Gemini says the proposed facility will be its second-largest engineering facility behind the one in the U.S.
“Big Plans for International Growth”
Gemini has revealed plans to launch its fourth international office in Gurgaon, India, in a company blog post on Thursday, April 20. The Gurgaon office is set to serve as a hub for engineering and design. The facility will join other international offices in the United Kingdom, Ireland, and Singapore.
The crypto exchange revealed that it is already hiring staff for the Gurgaon office, adding that the Gurgaon office has open roles in engineering, product management, human resources, finance, support, and compliance.
The revelation of Gemini’s Indian expansion follows the announcement of Chief Technology Officer Pravjit Tiwana’s new role as chief executive officer of Gemini in the Asian Pacific (APAC) region. In that announcement, Gemini said it had “big plans for international growth this year in APAC.”
In March, The Information reported that Gemini planned to launch an international derivatives exchange. But they weren’t alone, Coinbase, another leading U.S.-based crypto exchange, has also revealed similar plans after obtaining a license in Bermuda. Both derivatives exchanges will allow for the trading of perpetual contracts, which is prohibited for retail investors in the U.S. due to regulatory restrictions. Read More…
