The cryptocurrency exchange Gemini announced the launch of Gemini Foundation — a non-US platform for crypto derivatives aimed at users outside the United States.
1/ Introducing Gemini Foundation – a non-US crypto derivatives platform.
Coming soon…https://t.co/HtFHHfAP8d
— Gemini (@Gemini) April 21, 2023
The exchange will be available to residents of Singapore, Hong Kong, India, Argentina, Peru, the Philippines, Switzerland, and other countries:
Initially, users will be able to trade a perpetual BTC contract in GUSD. In time, the lineup will expand to ETH/GUSD. The team pledged to add new products in the future.
Default leverage is 1:20, with a maximum of 1:100.
Clients will be able to convert USDC and US dollars into GUSD at a 1:1 ratio, and back without fees.
Trading fees will be charged in GUSD. The amount is not disclosed.
The platform opened a waitlist.
“Gemini Foundation will allow clients … manage risks and generate returns,” the company said.
In March it was reported that the bitcoin exchange launch a crypto-derivatives platform aimed at the international market. It was reported that Gemini allegedly would register the new service outside the United States.
A month later, the organization announced plans to open in India its second-largest “engineering center after the United States.”
In June 2022, the U.S. Commodity Futures Trading Commission filed suit against Gemini. The documents alleged that the exchange misled the regulator about bitcoin futures contracts.
In early 2023, the U.S. Securities and Exchange Commission (SEC) charged the exchange with unlicensed trading of securities through the Earn service. Earlier, the company paused payments under the program amid financial troubles of its main partner — the OTC platform Genesis Global Capital.
Gemini co-founder Tyler Winklevoss described the SEC allegations as “super unconvincing” and “a manufactured penalty ticket.”
In April, Bloomberg sources reported a $100 million loan to the bitcoin exchange by the Winklevoss brothers.