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- 1 Gemini crypto exchange will hire over 100 employees after gaining a Singaporean license.
- 2 The cryptocurrency exchange also applied for the license to expand its services in the UAE.
Gemini, the cryptocurrency exchange headed by the Winklevoss twins, revealed its plan of expansion in Singapore and has also planned to hire around 100 employees. The crypto exchange will enter the Asia- Pacific market with this move.
According to analysts, in the coming months many other cryptocurrency service providers might shift their offices from the United States to other nations and regions. The massive shifting is the result of the relentless regulatory action
Earlier in the first week of June 2023 the Securities and Exchange Commission had legally dragged one of the leading cryptocurrency exchanges over selling unregistered securities. Following the lawsuit, crypto market capitalization slipped over 4% intraday.
Soon after the lawsuit, the SEC labeled numerous tokens and coins as securities including Solana, Cardano and many more. Bitcoin, the leader of all cryptocurrencies, fell over 5% in a 48-hours trading session.
Earlier on June 1, 2023 TheCoinRepublic reported that Gemini, the leading crypto exchange, filed for its expansion in the UAE. The primary reason behind applying for a license is the increasing enthusiasm and positive response of regulators in the UAE.
Gemini is yet to finalize a location for their headquarters, but most probably, the quarters will be based in Abu Dhabi or Dubai or on both the places.
In a podcast posted on June 17 on the Twitter account of Gemini, the co-founder of the crypto exchange praised the government of Dubai for structuring the favoral regulation for the crypto industry.
Brutal Regulatory Atmosphere
The relationship between the Securities and Exchange Commission and Crypto industry was never softer. According to analysts, SEC chair Gary Gensler has always been opposing the usage and existence of crypto.
Dozens of crypto trading platforms have faced severe consequences for offering their services in SEC jurisdiction. Ripple is one of the major victims of the security regulators and is still legally battling against the regulators.
Solana lost more than 22% of its trading prices since the past one month and Cardano is trading 30.25% lower compared to its prices a month ago. At press time Bitcoin was trading at $26,779 with a 24-hours trading volume of $16B.
A month earlier, BTC was topping the list of most traded cryptocurrency intraday but most recently, Tether, the most adopted stablecoin, briefly became the most traded token intraday.
According to CoinMarketCap, the 24-hour spot trading volume of Gemini was $22,646,906.58. At the same time, crypto market capitalization surged 0.76% compared to the last trading session.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
