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Gemini, the renowned cryptocurrency exchange based in the United States, made headlines on Friday by announcing its upcoming launch of a derivatives platform in an international market.
Gemini's new division, named Gemini Foundation, has unveiled plans to introduce a perpetual bitcoin (BTC) contract, denominated in Gemini dollars (GUSD), as its inaugural offering. The company has also revealed that a perpetual ether (ETH) contract, also linked to GUSD, will follow soon after. Notably, perpetuals do not have an expiration date, setting them apart from traditional derivatives.
Gemini's recent announcement regarding the launch of a new derivatives platform comes at a time of heightened regulatory attention on the role of cryptocurrencies in the U.S. economy. This increased scrutiny has also affected Gemini, as the company was accused by the Securities and Exchange Commission in January, along with Genesis (owned by Digital Currency Group, like CoinDesk), of selling unregistered securities.
Gemini Foundation's decision to operate outside the U.S. does not necessarily shield it from regulatory oversight by American watchdogs. For instance, in March, the Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance, the largest crypto exchange, despite it being headquartered in an undisclosed location. Similarly, FTX was based in the Bahamas, but its former CEO, Sam Bankman-Fried, is facing criminal charges in the United States.
Source Coindesk
