Gemini, the cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term owned by the Winklevoss twins, is examining possibilities to launch an international crypto derivatives trading platform, according to The Information report from Wednesday.

Gemini Reportedly Seeks to Open Overseas Derivatives Exchange

The new platform from Gemini would offer trading in perpetual futures. Derivatives of this type are banned in the United States for retail investors due to their somewhat risky nature. Making them available in another jurisdiction would allow Gemini to offer users a product with no expiration date and the possibility of high leverage.

Two weeks ago, Bloomberg reported that another major crypto exchange, Coinbase, was looking to take a similar step. The search for foreign locations to relocate some trading services came after the US Securities and Exchange Commission (SEC) stepped up and tightened its crackdown against the cryptocurrency sector.

It all started with the collapse of the FTX digital assets trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term last November. It was followed by the closure of three banks linked to digital assets, Silvergate Bank, Signature Bank and Silicon Valley Bank, or the CFTC's lawsuit against Binance for violating the US derivatives regulations, among other things.

Bulge bracket bank
Regional bank
No bank
Bitcoin

Choose wisely.

— Tyler Winklevoss (@tyler) March 19, 2023

The Information cites people familiar with the matter and claims that the Gemini exchange has been contacting trading platforms in various places around the world over the past few months in search of a market maker to support the execution of operations outside the United States.

Third Round of Job Cuts in Gemini and Regulatory Pressure

Pressure from the SEC, which has led Kraken exchange to shut down its staking services in the US, has also hit the Winklevoss brothers' platform. In January, the regulator charged two feuding companies, Genesis Global Capital and Gemini Trust Company, for offering and selling crypto lending products under Gemini Earn, which the regulator alleged to be unregistered securities.

Gemini and its Co-Founders are already dealing with a class-action lawsuit filed by a pair of Gemini Earn investors who have leveled comparable allegations. The legal action contends that the exchange and its proprietors have engaged in fraudulent activities and breached the Exchange Act.

A few days later, news emerged that Genesis was close to declaring bankruptcy following the collapse of the FTX exchange, which negatively affected the entire industry. Although the decision has not been confirmed, the problems are visible to the naked eye, and Gemini has already carried out three rounds of job cuts since last June.

The first took place in June and affected 10% of the entire team, and the second in July and involved another 7% of the workforce. The most recent was conducted at the end of January when the company reduced a further 10% of its staff.

Saxo's Presents New Portal and JPX Gets into DeFi, read today’s news nuggets.