Gemini, a US-based cryptocurrency exchange, has announced the upcoming launch of a derivatives platform outside the United States, amid an uncertain regulatory environment for crypto firms in the country. The offshore division, dubbed Gemini Foundation, will offer services to users in various countries, but not in the United States. Gemini’s initial derivative offering will be a perpetual Bitcoin contract in Gemini Dollar (GUSD), followed by a perpetual ETH/GUSD contract. Users who meet the requirements are able to engage in trading spot and derivative products, as well as exchange US dollars and USD Coin for GUSD at a 1:1 ratio. Perpetual contracts, which do not possess a fixed end date, differ from typical futures contracts.
The US authorities have scrutinized Gemini, and the New York State Department of Financial Services is reportedly investigating allegations that several users assumed that assets in their Earn accounts were secured by the Federal Deposit Insurance Corporation.
