Gemini plans to expand in Asia-Pacific despite SEC lawsuit.
The cryptocurrency exchange known as Gemini has announced its intention to expand into the Asia-Pacific (APAC) region, as it aims to capture the next wave of growth in the industry. The US-based exchange plans to increase its workforce in Singapore and establish an engineering division in India, according to a blog post published on Monday.
The company wrote, “We are excited to announce our expansion plans in APAC as Gemini’s leadership team recently visited the region on their global odyssey to propel the promise of crypto.”
Gemini intends to hire over 100 new employees at its Singapore office within the next 12 months, which will serve as the hub for the company’s larger operations in the APAC region.
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“Our Singapore office will serve as a hub for our larger APAC operations. We believe that APAC will be a great driver of the next wave of growth for crypto and Gemini.”
Gemini already has a significant presence in the APAC region. In 2020, the platform launched support for the Singapore dollar (SGD) and has since added support for the Hong Kong dollar (HKD) and the Australian dollar (AUD).
The Asia-Pacific (APAC) region is an area that encompasses the countries and territories located in and around the western Pacific Ocean. This includes East Asia, Southeast Asia, South Asia, Oceania, and Russia.
Gemini Aims to Expand Outside the US Amid SEC Lawsuit
Gemini’s expansion plan comes amidst increasing regulatory scrutiny in the US. The Securities and Exchange Commission (SEC) brought charges against Gemini earlier this year over its Earn Program, alleging that the exchange provided an “unregistered offer and sale of securities to retail investors through” the program. The SEC alleged that the company raised “billions of dollars” worth of cryptocurrency assets from “hundreds of thousands of investors” through its Earn Program.
The complaint seeks permanent injunctive relief, disgorgement of ill-gotten gains and prejudgment interest, as well as civil penalties. Last month, Gemini asked the United States District Court for the Southern District of New York to dismiss the case, claiming that the Earn users were all part of a “tri-party contract” called the “Master Digital Asset Loan Agreement.”
Gemini, which was launched in 2014, is one of the largest cryptocurrency exchanges in the world with a 24-hour trading volume of over $54 million, according to data by CoinGekco.
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