• Gemini, a U.S.-based crypto exchange, announced plans to open a new office in India amidst uncertainty and fear of SEC enforcement.
• This would be Gemini’s fourth international office, alongside existing ones in the United Kingdom, Ireland and Singapore.
• The Gurgaon office will serve as a hub for engineering and design and is set to become the second-largest engineering facility behind the U.S.
Gemini Announces Expansion into India
Gemini, a U.S.-based crypto exchange, has revealed plans to launch its fourth international office in Gurgaon, India. According to the company blog post on Thursday April 20th, this new facility will join other existing offices in the United Kingdom, Ireland and Singapore.
Gurgaon Office To Serve As Engineering Hub
The Gurgaon office is set to serve as a hub for engineering and design with open roles in engineering, product management, human resources, finance support and compliance already being advertised by Gemini. The move follows after Chief Technology Officer Pravjit Tiwana’s appointment as CEO of Gemini’s Asian Pacific (APAC) region with “big plans for international growth” this year mentioned by the company.
SEC Regulations Could Be Driving Business Abroad
The decision to expand abroad comes amid growing concerns that U.S.-based crypto businesses could focus efforts away from home due to an uncertain regulatory landscape in America coupled with fear of potential enforcement action from regulators like the Securities & Exchange Commission (SEC). In January 2021, Gemini was one of several firms that found itself in SEC cross hairs after it was alleged that their “Earn Program” constituted an unregistered securities offering under US law.
Coinbase Also Reveals Plans For International Expansion
Gemini isn’t alone either; Coinbase also recently revealed similar ambitions after obtaining a license from Bermuda allowing them to operate derivatives exchanges around the world.
It appears that many US-based crypto firms are looking outside their own borders for business opportunities as lingering uncertainty about US regulations continues to remain unresolved despite Congress‘ commitment last year towards creating comprehensive framework governing cryptocurrencies markets within the US borders