Gemini Foundation, A Non-US Derivative Platform Goes Live

Updated: 04 May 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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A US-based crypto company, Gemini, has officially launched international derivative trading to serve around 29 countries and territories outside the United States. Gemini Foundation, the much-anticipated non-US derivative platform, has gone live and allows its customers to trade spot and derivative products. However, the new service targets retail and institutional traders, excluding US, UK and EU customers.

1/ We’re thrilled to announce that Gemini Foundation’s derivatives platform is now live with our BTC/GUSD perpetual contract trading across 30 countries. https://t.co/NyQLKhsZYt

— Gemini (@Gemini) May 2, 2023

Nonetheless, some of the jurisdictions eligible for the services include 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.

Additionally, the non-US derivative platform is set to offer BTC perpetual contracts denominated in the Gemini Dollar (GUSD) with 100x leverage. The platform noted:

Gemini Foundation will allow eligible clients to leverage their crypto assets to achieve long or short crypto exposure to managing risk, generate returns, and gain directional exposure. Eligible traders can trade spot and derivatives products and execute their trading strategies in a secure and trusted platform.

Notably, the platform plans to launch ETH/GUSD perpetual contracts soon.

How to Set Up a Gemini Derivatives Account

The Gemini Foundation provides customers with a capital-efficient, highly available, and trusted venue to trade derivatives. Further, the platform is designed to enable any user to succeed since it integrates powerful trading tools with an elegant user experience.

However, for an individual to open a Gemini Derivatives account, the customer must reside in a supported jurisdiction and have a Gemini account. The following are the easy steps one should follow in order to obtain one today.

Log on to Active Trader via the web

If you do not have Active Trader, you can follow these other steps

Select “Open a Gemini Derivatives account.”
In a single step:

Create a new Gemini Derivatives account
Read and accept the derivatives-specific Terms and Conditions
Read and acknowledge the Risk Disclosure

Transfer GUSD to your Gemini Derivatives Account
Start trading

Regulatory Headwinds in the United States

The platform has long worked with the United States regulators since it was founded in 2014. A year after its launch, it obtained a trust charter from the New York Department of Financial Services (NYDFS). However, the Commodity Futures Trading Commission (CFTC) sued the platform last year. CTFC alleged that the exchange platform made false and misleading statements for deploying the first US-regulated bitcoin futures contract in 2017.

The Securities and Exchange Commission (SEC) recently charged Gemini and Genesis firms with offering unregistered securities. Notably, the regulators targeted a yield-yielding product, Gemini Earn Lending Services, that most users entrusted with their cryptocurrencies. However, the offshore division indicates Gemini’s first product focused outside the US. It shows a vital stage for the platform as it joins various crypto companies with businesses elsewhere.

Besides the launch of a new division, the firm notably pivoted to Asia. The company plans to establish a new engineering hub in Gurgaon, India. Institutional and retail clients can utilize the products and facilities developed in India in over 70 countries. Further, the newly formed team will be led by the freshly appointed CEO of Gemini Asia Pacific, Pravjit Tiwana. It will aim to develop the next-generation web and mobile user experience and introduce the NFT and crypto marketplace feature set.

However, despite the hurdles, the billionaire twins Tyler and Cameron Winklevoss’ have noted that they still hope to launch a derivative product back home.

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