Gemini highlighted their plans to diversify their customer base and reduce the dependence on the US market.
Gemini, the US-based exchange of the Winklevoss Twins, has announced its plans to establish a center in Singapore as part of its future expansion into the Asian market.
According to Gemini’s statement, the company intends to hire over 100 employees in the next 12 months to capitalize on the growth potential of cryptocurrencies in the APAC (Asia-Pacific) market.
Gemini Expanding to Singapore
While Gemini has previously stated that it has no plans to abandon the US market, they have indicated, like other exchanges under attack by the SEC, their intentions to expand into other crypto-friendly countries due to regulatory uncertainty in the US.
As a result, Gemini is committed to “implementing its international vision for the future of the platform, aiming to unlock a new era of financial freedom”.
Gemini has not provided an official date for its expansion. However, they have highlighted their plans to diversify their customer base and reduce their dependence on the US market as the SEC intensifies regulations and lawsuits against cryptocurrency exchanges.
Cryptocurrency Exchanges Face Uncertainty following SEC Attacks
In early June, the SEC filed a lawsuit against Binance.US, Binance, and its CEO and founder, Changpeng “CZ” Zhao, alleging that they had violated US securities laws in order to enrich themselves with “billions of US dollars, putting investor assets at risk”.
Furthermore, the SEC issued an emergency order requesting the freezing of the assets of Binance.US holding companies and the repatriation of assets to the country. However, both entities ultimately reached an agreement to avoid asset freezing in exchange for greater transparency and oversight. This represents a significant victory for Binance in its dispute against the SEC.
Similarly, Coinbase, which was sued by the SEC the day after Binance, for failing to register as a securities exchange, clearinghouse, and broker, despite providing those services to its clients. Additionally, regulators claimed that the exchange sold several unregistered securities on its platform.
Like Binance, Coinbase responded to the SEC’s attack by urging regulators to clearly address the regulatory issues surrounding cryptocurrencies considered as securities, a matter they have not wanted or known how to respond to until now.
Therefore, Gemini’s expansion reflects the company’s determination to seek opportunities beyond the United States, where the crypto industry is welcomed rather than suppressed by a few power-hungry individuals.
Marco is a passionate journalist with a deep addiction to cryptocurrencies and a keen interest in photography. He is fascinated by trading and market analysis. He has 5+ years of experience working with cryptocurrency projects.
