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Nick Baker is CoinDesk’s deputy editor-in-chief. He owns small amounts of BTC and ETH.
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Gemini, the U.S.-based crypto exchange, revealed Friday that it plans to open an offshore derivatives platform – a decision announced as the regulatory environment gets tougher in its home country.
The first product at Gemini Foundation, as the new division is called, will be a perpetual bitcoin (BTC) contract denominated in Gemini dollars (GUSD), the company said, followed by a perpetual ether (ETH) contract also linked to GUSD. Unlike conventional derivatives, perpetuals don’t have an expiration date.
The decision coincides with U.S. regulators getting stricter about cryptocurrencies in the world’s biggest economy – a campaign that’s affected Gemini. In January, the company and Genesis (which, like CoinDesk, is owned by Digital Currency Group) were accused by the Securities and Exchange Commission of selling unregistered securities.
Being based outside the U.S. does not mean Gemini Foundation will be out of reach of U.S. watchdogs. Binance, the biggest crypto exchange, was sued in March by the Commodity Futures Trading Commission (CFTC) for a variety of alleged violations, despite being based elsewhere (though the company has been coy about where). And FTX was based in the Bahamas, yet former CEO Sam Bankman-Fried faces U.S. criminal charges.
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Nick Baker is CoinDesk’s deputy editor-in-chief. He owns small amounts of BTC and ETH.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Nick Baker is CoinDesk’s deputy editor-in-chief. He owns small amounts of BTC and ETH.
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