Cryptocurrency News

Gemini plans Asia-Pacific expansion as part of ‘next wave of growth for crypto’

5c5f3187 2232 489a 94c5 eca63b1e3d0d

United States-based cryptocurrency exchange Gemini, founded by Cameron and Tyler Winklevoss, has announced plans to expand into the Asia-Pacific region.

In a June 19 blog post, Gemini said it planned to increase the number of staff at the firm’s Singapore office as well as establish an engineering division in India. The crypto exchange hinted at “larger” plans for expanding into the region in the next 12 months.

“We believe that APAC will be a great driver of the next wave of growth for crypto and Gemini,” said the exchange.

The expansion plans came amid Gemini facing a lawsuit filed in January by the U.S. Securities and Exchange Commission (SEC) over “Gemini Earn”. The exchange’s product — offered in partnership with Genesis — allows users to lend crypto assets to Genesis, which the SEC alleged violated U.S. securities laws.

Related: Gemini considers forbearance after DCG defaults on a $630M payment

Gemini seemed to be exploring different markets amid the crackdown on many crypto firms in the United States. In April, the exchange took the first steps to become a restricted dealer registered with Canada’s Ontario Securities Commission, one of the country’s major financial regulators. In May, the Winklevoss twins announced they had chosen Ireland as a base to grow the firm’s services across Europe.

Magazine: Best and worst countries for crypto taxes — plus crypto tax tips