Gemini, the popular U.S.-based crypto exchange founded by Cameron and Tyler Winklevoss, is reportedly planning to launch an international cryptocurrency derivatives exchange.
According to a report by The Information, the platform would focus on offering perpetual futures, a type of derivative that is currently banned in the U.S. for retail traders due to its high-risk nature. Gemini has been reaching out to trading firms in recent months to serve as market makers for its overseas operation.
Gemini's move into the international derivatives trading space comes as other players in the market face legal troubles and regulatory concerns. Binance is currently facing a lawsuit from the Commodity Futures Trading Commission (CFTC) for allegedly breaking U.S. derivatives law. Coinbase received a Well Notice from the U.S. Securities and Exchange Commission (SEC). Coinbase has also reportedly been looking to launch an overseas platform to offer perpetual futures.