Crypto exchange Gemini, founded by Cameron and Tyler Winklevoss, is preparing to launch an international cryptocurrency derivatives exchange, according to two people familiar with the matter.
The November crash of FTX, one of the top international exchanges with significant market share in derivatives trading, opened the door for more potential competitors looking to fill the gap. Coinbase, the largest US crypto exchange, is also working to expand its overseas operations.
But earlier this week, the CFTC’s lawsuit against Binance, by far the largest international Bitcoin exchange, for violating US derivatives trading laws has brought attention to its overseas crypto operations.
In the Binance lawsuit, the CFTC claimed that the exchange, which is not registered to operate in the US, serves US customers and instructs them on workarounds to use the platform.
*Not investment advice.