Gemini, the cryptocurrency exchange founded by identical twins Tyler and Cameron Winklevoss, has planned to open a global crypto derivatives exchange.
According to a report from The Information, the platform will sell perpetual futures, widely considered high-risk assets and banned in the United States for retail traders.
The futures are derivatives that do not expire and can potentially trade with significant leverage.
The report continued that Gemini had contacted trading firms to collaborate for potential foreign operations, sources told The Information.
Several major events have kicked off in the US, namely after Binance, Coinbase, CoinEx, Kraken, and many others have faced intense scrutiny from federal and state regulators.
Authorities from the Securities and Exchange Commission, the Commodity Futures Trading Commission (CFTC), and New York Attorney General (NYAG) have filed lawsuits against the companies for allegedly selling unregistered securities.
The news could see numerous firms search for overseas headquarters for their main operations to circumvent US law.
Gemini slammed the SEC in recent months after the latter sued his company for its business with now-defunct crypto exchange platform Genesis. The SEC accused Gemini of selling unregistered securities linked to its Earn programme, which allowed holders to earn exclusive benefits and interest rates.
