• Gemini, a U.S.-based crypto exchange, announced plans to open a new office in India amidst the SEC’s crypto enforcement efforts.
• The expansion follows the appointment of Pravjit Tiwana as Gemini’s CEO for APAC and reports that the firm is planning to launch an international derivatives exchange.
• Uncertainty and fear of SEC enforcement have led to growing concerns that U.S.-based crypto businesses could focus efforts abroad.
Gemini To Open International Office In India
The United States crypto regulatory landscape remains uncertain as Congress is yet to deliver a comprehensive regulatory framework. This has led to growing concerns that U.S.-based firms could focus their efforts abroad due to uncertainty and fear of SEC enforcement. One such firm is crypto exchange Gemini, who have announced plans to expand their list of international offices with a new facility in Gurgaon, India.
Gemini’s Expansion Plans
The proposed Gurgaon office will serve as a hub for engineering and design, joining other international offices in the United Kingdom, Ireland, and Singapore. Gemini are already hiring staff for this new office with open roles in engineering, product management, human resources, finance, support, and compliance. Furthermore Chief Technology Officer Pravjit Tiwana has been appointed CEO of Gemini’s APAC region – signifying further planned growth in this area throughout 2021.
SEC Enforcement Efforts
This news follows January 2021 when the SEC charged Gemini with breaking U.S Securities laws over its “Earn Program” which was deemed an unregistered securities offering by regulators.. The attack on crypto from the SEC has caused many firms to look at expanding overseas instead of staying within US borders – leading many VC’s believe it can hinder innovation domestically if left unchecked going forward
Coinbase Similar Plans
In addition another large US-based Crypto Exchange Coinbase have obtained licenses in Bermuda in order to launch its own International Derivatives Exchange which it also announced earlier this year – further emphasizing the need for Crypto Firms globally & not just limited within US borders
Overall there appears increasing skepticism towards current US regulations concerning Cryptocurrency as evident by both Gemini & Coinbase both having similar plans regarding expanding internationally – potentially due to fear or consequences stemming from stricter enforcement practices by domestic regulators such as The Securities & Exchange Commission (SEC). Only time will tell what effects this may have on the industry going forward but it certainly stresses importance of global adoptions rather than just focusing on one specific jurisdiction alone