The top-15 bitcoin exchange by trading volume, Gemini, divulges information about its upcoming goods. Regulator concerns mean that it will sadly not be accessible to investors from the United States.
Gemini to open non-US arm for BTC/GUSD perpetual contracts trading
An official announcement on the impending debut of Gemini Foundation, a new trading platform, was posted by Gemini’s officials on the company’s main site. It will provide futures trading for Bitcoin (BTC) against the eighth-largest stablecoin tied to the dollar, the Gemini Dollar (GUSD).
The exchange services will not be available to traders in the United States of America. The platform will only be available in some jurisdictions, including Singapore, Hong Kong, India, Brazil, Israel, Nigeria, South Africa, South Korea, Switzerland, Thailand, Turkey, Vietnam and a number of offshore territories like Cayman Islands or BVI.
The platform will work with up to 100x leverage, while 20x leverage will be available by default. Traders will be able to deposit USD at a 1:1 rate with USDC and GUSD with no additional fees.
All funding payments and trading commissions will be charged in GUSD. Despite being named “Gemini Foundation,” the platform is yet to get its “official” title.
More services pushed outside US by regulators
In light of an intensifying regulatory witch hunt, it is clear that centralised exchanges are too anxious about the regulatory status of their services in the U.S.
As previously reported by U.Today, prominent exchange Bittrex made the decision to cease operations in the United States on April 1, 2023. “Regulatory uncertainty” caused the platform to discontinue functioning.
Moreover, Coinbase, the largest U.S. crypto business, is thinking about moving its headquarters to a nation that accepts cryptocurrency.
