Gemini is reportedly planning to launch an internationally-focused crypto derivatives platform.
The service is expected to provide customers with access to perpetual futures, which are banned in the US since they are considered high-risk assets.
In June 2022, the US Commodity Futures Trading Commission (CFTC) sued Gemini, claiming that the platform had been deceiving the regulator regarding bitcoin futures contracts.
The CFTC then filed a civil lawsuit against Binance and its CEO, Changpeng Zhao, on March 27, 2023, accusing them of unregistered derivatives trading and not complying with anti-money laundering regulations.
The US Securities and Exchange Commission (SEC) also accused Gemini of unlicensed trading in securities through its Earn service earlier in the year, which prompted Gemini to suspend payments under the program due to the financial problems of its main partner, Genesis Global Capital, an OTC platform.
Tyler Winklevoss, co-founder of the cryptocurrency exchange, has called the SEC allegations “super flimsy” and “a trumped-up penalty ticket.”
