Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has been gearing up to launch an international cryptocurrency derivatives exchange, according to two people familiar with the matter.
The collapse of FTX, one of the top international exchanges with significant market share in derivatives trading, in November opened the door for more potential competitors who are looking to fill the gap. Coinbase, the top U.S. crypto exchange, has also been working to build up its overseas business.
But a Commodity Futures Trading Commission lawsuit earlier this week against Binance, by far the dominant international exchange, for breaking U.S. derivatives trading laws has put a spotlight on overseas crypto operations. In Binance’s case, the CFTC said the exchange, which isn’t registered to operate in the U.S., had wooed U.S. customers and instructed them on workarounds for using the platform.
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