Crypto ecosystem Gemini introduces Gemini Foundation, a non-US perpetuals exchange
The exchange services will not be available to traders in the United States of America. The platform will only be available in some jurisdictions, including Singapore, Hong Kong, India, Brazil, Israel, Nigeria, South Africa, South Korea, Switzerland, Thailand, Turkey, Vietnam and a number of offshore territories like Cayman Islands or BVI.
The platform will work with up to 100x leverage, while 20x leverage will be available by default. Traders will be able to deposit USD at a 1:1 rate with USDC and GUSD with no additional fees. All funding payments and trading commissions will be charged in GUSD. Despite being named"Gemini Foundation," the platform is yet to get its"official" title.It is obvious that centralized exchanges are too concerned about the regulatory status of their services in the U.S. amid an accelerating regulatory witch hunt.
As covered by U.Today previously, major exchange Bittrex decided to wind down its operations in the U.S. on April 1, 2023. The platform stopped working due to"regulatory uncertainty."
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