• Gemini, a U.S.-based crypto exchange, announced plans to open a new office in India.
• This comes as the SEC remains bent on asserting jurisdiction over crypto markets through enforcement.
• Gemini’s Indian expansion follows the announcement of Chief Technology Officer Pravjit Tiwana’s new role as chief executive officer of Gemini in the Asian Pacific (APAC) region.
U.S. Crypto Exodus?
The United States crypto regulatory landscape is uncertain as Congress is yet to deliver a comprehensive regulatory framework, and regulators like the U.S. Securities and Exchange Commission (SEC) remain bent on asserting jurisdiction over crypto markets through enforcement. As uncertainty and fear of SEC enforcement linger, concerns that U.S.-based crypto businesses could focus efforts abroad have grown stronger.
Gemini Expands International Offices
Gemini, one of the leading U.S.-based crypto exchanges, has announced plans to expand its international offices with a venture in India this year in response to SEC’s attack on the industry’s innovation capabilities in The US market.. The proposed facility will be its second-largest engineering facility behind the one in the U.S., and it will join other international offices in the United Kingdom, Ireland, and Singapore where Gemini already has operations set up . Additionally, Chief Technology Officer Pravjit Tiwana was appointed CEO for APAC region with “big plans for international growth this year” from Gemini’s end .
Gemini In Crosshairs Of SEC
Earlier this year ,the SEC charged Gemini with breaking U.S securities laws after alleging that its “Earn Program” was an unregistered securities offering.. Following this incident, hiring staff for Gurgaon office has begun with roles available in engineering product management , human resources , finance , support ,and compliance being opened up by exchange .
Derivatives Exchange Expansion.
In March , The Information reported that Gemini planned to launch an international derivatives exchange while Coinbase another leading US based crypto exchange revealed similar plans after obtaining a license from Bermuda .
The United States‘ uncertain regulation of cryptocurrencies has caused many companies within this sector to look abroad for opportunities for growth and development due to fear of sanctions or legal action from regulatory bodies such as the SEC . This article discussed how rising stars within American cryptocurrency industry such as Gemini are expanding their reach outside of America into countries such India & Bermuda .