The Winklevosses-led crypto exchange, Gemini, announced late Friday that it would soon launch an off-shore crypto derivatives platform, Gemini Foundation, for non-US traders.
Gemini Foundation will initially offer a Bitcoin perpetual contract denominated in the Gemini Dollar (GUSD). An Ethereum perpetual contract, denominated in GUSD, will soon follow.
The Gemini team said:
Gemini Foundation will allow eligible customers to leverage their crypto assets to achieve long or short crypto exposure in order to manage risk, generate returns, and gain directional exposure. Eligible customers will be able to trade both spot and derivatives products and execute all of their trading strategies within a secure and trusted platform.
Gemini Foundation Will Have a Max Leverage of 100x
Gemini Foundation will have a default leverage of 20x and a maximum leverage of 100x. It will also initially be available to residents of the following countries and regions.
Singapore, Hong Kong, India, Argentina, Bahamas, Bermuda, British Virgin Islands (BVI), Bhutan, Brazil, Cayman Islands, Chile, Egypt, El Salvador, Guernsey, Israel, Jersey, New Zealand, Nigeria, Panama, Peru, Philippines, Saint Lucia, Saint Vincent & Grenadine, South Africa, South Korea, Switzerland, Thailand, Turkey, Uruguay, and Vietnam.
Gemini Foundation will not be available to customers in the United States of America.
The United States has Delayed to Give Regulatory Clarity
Gemini’s decision to launch a non-US derivatives exchange comes at a time with the US SEC and CFTC have been accused of being too harsh and vague in regulating the industry. In contrast, the EU recently passed the MiCA bill, which Tyler Winklevoss praised for its comprehensive nature. He said:
© Solana Daily Brief, Inc. All Rights Reserved. This article is for informational purposes only. It is not to be used as legal, tax, investment, financial, or other advice.While US regulators have been busy infighting and refusing to provide the most basic of clarity for the crypto industry, the European Union just approved the MiCA regulation, which provides a comprehensive regulatory framework for crypto in Europe. It’s sad to see the US being left behind on such an important technology and its promise.