Gemini to expand in Asia-Pacific for crypto growth.
The United States-based cryptocurrency exchange, Gemini, which was founded by Cameron and Tyler Winklevoss, has announced plans to expand its operations into the Asia-Pacific region.
In a blog post on June 19, Gemini stated that it intends to increase its staff numbers at its Singapore office and establish an engineering division in India. The exchange also hinted at plans for further expansion in the region in the next 12 months.
Gemini said, “We believe that APAC will be a great driver of the next wave of growth for crypto and Gemini.”
1/ We’re expanding in the Asia Pacific region! Our Singapore office will serve as a hub for our larger APAC operations and we plan to increase our headcount to 100+ in Singapore pic.twitter.com/4fo06cKiLb
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— Gemini (@Gemini) June 20, 2023
These expansion plans come as Gemini faces a lawsuit filed in January by the U.S. Securities and Exchange Commission (SEC) over its product called “Gemini Earn”. The SEC alleged that the exchange’s product, which allows users to lend crypto assets to Genesis, violated U.S. securities laws.
Related: Gemini considers forbearance after DCG defaults on a $630M payment
Gemini seems 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 that they had chosen Ireland as the base to grow the firm’s services across Europe.
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