The US-based crypto exchange Gemini recently announced its plans to expand into the Asia-Pacific (APAC) region, aiming to capitalize on the “next wave of growth for crypto.” To do this, it will increase its headcount in Singapore and establish an engineering division in India, according to the platform’s blog post.
Gemini’s leadership believes the APAC region holds the key to driving the next wave of growth for the crypto industry. To support this belief, the firm plans to bolster its Singapore office by more than 100 staff over the next year, with this location serving as a hub for their larger APAC operations. The company already has a significant presence in the area, having launched support for the Singapore dollar (SGD) back in 2020, and followed with support for the Hong Kong dollar (HKD) and Australian dollar (AUD).
Though the APAC region’s potential for unlocking new developments in the crypto industry is promising, Gemini’s plans come amid increased regulatory scrutiny in the US. Earlier this year, the SEC brought forth charges against Gemini over its Earn Program, alleging the exchange participated in an “unregistered offer and sale of securities to retail investors through” the program. The SEC claimed that the company raised billions of dollars in crypto assets through this program, from hundreds of thousands of investors.
In response to the lawsuit, last month, Gemini asked the United States District Court for the Southern District of New York to dismiss the case. They argued that Earn users were all part of a “tri-party contract” called the “Master Digital Asset Loan Agreement” (MDALA). According to Gemini, the MDALA was never sold or offered for sale, could not be traded on any secondary market, did not involve the transfer of title to any asset, and did not require any lending or borrowing by anyone.
The expansion plan into the APAC region could potentially strengthen Gemini’s position in the crypto world, while bringing with it new opportunities for the industry in those markets. However, as regulatory scrutiny increases in the US, it remains to be seen how the legal challenges will be navigated by the exchange and whether it will impact their expansion plans.
Launched in 2014, Gemini is currently one of the biggest crypto exchanges in the world, boasting a 24-hour trading volume of over $54 million, according to data from CoinGecko. The planned expansion into the APAC region showcases Gemini’s commitment to pushing the crypto ecosystem forward and fostering growth in markets outside of the US. Overall, their success in the APAC region will rely on their ability to manage potential legal hurdles and offer novel solutions that attract new investors and users.
Source: Cryptonews
