Gemini Basis Takes Flight with New Crypto Derivatives Platform exterior US

Gemini Opens Crypto Derivatives Marketplace Outside of the US
The Winklevoss Twins’ cryptocurrency exchange, Gemini, has announced the opening of Gemini Basis, a new non-US cryptocurrency derivatives platform. The first product to be made available on the platform will be based on Gemini’s in-house stablecoin, the Gemini Dollar (GUSD), after a successful beta testing phase. Gemini Basis will serve traders who want to trade on spot and derivative markets in order to get both short and long exposure to cryptocurrency assets. US users would not be allowed to utilise the exchange’s services, per the press release that was placed on the website.
With a base leverage level of 20-1, the new platform will support trading with leverage up to 100-1. The currencies in which users can transact include USD, USDC, and GUSD. The Securities and Exchange Commission (SEC) and the Commodity Futures selling Commission (CFTC) have upped their regulatory pressure, and these new restrictions are a response to the US ban on retail traders selling these products. There are also rumours that Coinbase is thinking of taking a comparable action to expand into non-US jurisdictions.
Cameron and Tyler Winklevoss, two former rowers who became billionaires through entrepreneurship and launched several companies, including a cryptocurrency exchange, founded Gemini in 2015. With the exception of Hawaii and New York, all US states presently have access to Gemini’s derivatives platform, and the company plans to soon include international markets. Additionally, Gemini unveiled Staking-as-a-Service, collaborating with top cryptocurrency firms like San Francisco-based custodian Orchid Labs.