Cameron and Tyler Winklevoss who are the founders and head of the Gemini Crypto exchange are reportedly looking to expand there operations overseas and launch an international cryptocurrency derivatives exchange.
The platform will offer perpetual futures in particular, a derivative type that is banned in the U.S. currently for retail traders. Because it doesn’t have an expiration date and can be traded with sizable leverage it is seen to be alot more risky for customers
Following the FTX crypto exchange crash in November the regulators have taken a very tough stance towards crypto trading platforms and this week’s Commodity Futures Trading Commission (CFTC) lawsuit against Binance.US has many in the industry worried that this is just the beginning of tougher measures.
The exit of FTX and the regulatory issues for Binance may end up leaving sizeable market share up for grabs in international derivatives trading.
Gemini Going International
In Summary U.S.-based crypto exchange Gemini, founded by Cameron and Tyler Winklevoss, is planning to launch an international cryptocurrency derivatives exchange.
The platform will offer perpetual futures, a type of derivative that is banned in the U.S. for retail traders due to its highly risky nature. Similarly, Coinbase is also reportedly looking to expand overseas to offer perpetual futures.
However, both exchanges face regulatory concerns, with Coinbase receiving a Wells Notice from the SEC, while Gemini has been reaching out to trading firms to serve as market makers for their overseas operation.