Gemini will open a crypto derivatives platform outside the United States

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Gemini, the US-based crypto exchange, revealed on Friday that it plans to open a derivatives platform outside the country.

The first product of the Gemini Foundation, as the new division is called, will be a bitcoin perpetual contract (BTC) denominated in Gemini dollars (GUSD), the company said. An Ether (ETH) perpetual contract also tied to GUSD will come next. Unlike conventional derivatives, perpetuals have no expiration date.

The announcement coincides with heightened scrutiny from US regulators and lawmakers over the role of cryptocurrencies in the world’s largest economy, a campaign that has affected Gemini. In January, the company and Genesis (which, like CoinDesk, is owned by Digital Currency Group) were accused by the Securities and Exchange Commission of selling unregistered securities.

Being based outside the United States does not mean that Gemini Foundation will be beyond the reach of American watchdogs. Binance, the largest crypto exchange, was sued by the Commodity Futures Trading Commission (CFTC) in March despite being based elsewhere (although the company was coy about where). And FTX was based in the Bahamas, but former CEO Sam Bankman-Fried faces criminal charges in the United States.

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