...By Henry George for TDPel Media.
Gemini, a cryptocurrency exchange founded by the Winklevoss twins, made an announcement that coincides with increased scrutiny by U.S. regulators and lawmakers about the role of cryptocurrencies in the country’s biggest economy.
Impact on Gemini
The regulatory campaign has affected Gemini in particular.
In January, the company and Genesis, a subsidiary of Digital Currency Group (which also owns CoinDesk), were accused by the Securities and Exchange Commission of selling unregistered securities.
Gemini’s Announcement
Against this backdrop, Gemini announced its plans to become a licensed custodian in Singapore, thereby expanding its global reach.
The license would allow the exchange to offer its services to institutional investors in Singapore.
Commentary
The increased scrutiny of cryptocurrencies by U.S. regulators and lawmakers has put pressure on cryptocurrency exchanges like Gemini.
The accusations of selling unregistered securities have further amplified the need for exchanges to be transparent and accountable.
In response, Gemini is taking a proactive step by seeking to become a licensed custodian in Singapore.
This move will enable it to extend its services to institutional investors in Singapore and gain a foothold in the Asian market.
As the cryptocurrency industry continues to face regulatory challenges, Gemini’s expansion into new markets and its pursuit of licensing could serve as a model for other exchanges looking to navigate the evolving regulatory landscape.
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