12/9/2023 0 Comments Gemini exchange contactUnder the program, users could earn a yield by loaning crypto assets to Gemini through the Digital Currency Group–run entity Genesis. In January, the Securities and Exchange Commission charged Gemini with the unregistered offer and sale of securities through its Gemini Earn lending service. We look forward to definitively proving this in court,” the firm said in a statement at the time. “We have an eight-year track record of asking for permission, not forgiveness, and always doing the right thing. In June 2022, the CFTC sued Gemini, alleging that it made “false and misleading statements” in its efforts to launch the first U.S.-regulated Bitcoin futures contract in 2017-a separate process from its 2020 application with the agency to launch a derivatives exchange. The brothers pointed to New York as an example of a jurisdiction that had created a regulatory framework by offering trust charters and BitLicenses to digital assets companies and subsequently attracted firms to operate in the state.ĭespite its compliance efforts, Gemini has run into operational challenges in the U.S. “We are gluttons for thoughtful regulation and licensing,” Cameron Winklevoss told Fortune. regulators, including receiving a trust charter from the New York Department of Financial Services in 2015. The service is targeted at both retail and institutional traders and will exclude the U.K. By launching outside the U.S., Gemini’s new platform allows users to trade Bitcoin perpetual contracts with up to 100x leverage, or the amount they can multiply their exposure, with plans to also launch Ether perpetuals in the coming weeks. Tyler Winklevoss described derivatives as an important offering for marketplaces, as they allow users to hedge and manage risk. Some crypto platforms, like Binance, have a special U.S. Because crypto derivatives trading is highly restricted in the U.S., exchanges focus on spot markets, or trading on the current price of assets.
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