Gemini highlighted its plans to diversify its customer base and reduce dependence on the US market.
Gemini, the US-based Winklevoss Twins exchange, has announced plans to set up a center in Singapore as part of its future expansion into the Asian market.
According to the Gemini horoscope statementthe company intends to hire more than 100 employees in the next 12 months to capitalize on the growth potential of cryptocurrencies in the APAC (Asia Pacific) market.
Gemini expansion to Singapore
While Gemini has previously stated that it has no plans to abandon the US market, it, like other exchanges under attack by the SEC, has indicated its intentions to expand into other crypto-friendly countries due to regulatory uncertainty in the US.
As a result, Gemini is committed to “implementing its international vision for the future of the platform, with the goal of opening a new era of financial freedom.”
Gemini has not provided an official date for its expansion. However, they have highlighted their plans to diversify their customer base and reduce their dependence on the US market as the SEC ramps up regulations and lawsuits against cryptocurrency exchanges.
Cryptocurrency exchanges are facing uncertainty after the SEC attacks
In early June, the Securities and Exchange Commission sued Binance.US, Binance, and its CEO and founder Changpeng “CZ” Zhao, alleging that they violated US securities laws in order to enrich themselves with “billions of US dollars, putting investor assets at risk.” .
Moreover, the Securities and Exchange Commission issued an emergency order requiring that the assets of the US holding companies Binance be frozen and that the assets be returned to the country. However, both entities eventually reached an agreement to avoid an asset freeze in exchange for more transparency and oversight. This marks a major victory for Binance in its lawsuit against the SEC.
Similarly, Coinbase, which was sued by the SEC the day after Binance, for failing to register as a stock exchange, clearinghouse, and broker, despite providing these services to its clients. In addition, regulators claimed that the exchange sold numerous unregistered securities on its platform.
Like Binance, Coinbase has responded to the SEC’s onslaught by urging regulators to address regulatory issues surrounding cryptocurrencies that are clearly securities, an issue they haven’t wanted to answer or know how to respond to yet.
Therefore, Gemini’s expansion reflects the company’s determination to seek opportunities outside the United States, where the cryptocurrency industry is welcomed rather than suppressed by a few power-hungry individuals.
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Marco is a passionate journalist with a deep addiction to cryptocurrency and a keen interest in photography. He is fascinated by trading and market analysis. He has more than 5 years of experience working with cryptocurrency projects.
