Crypto exchange Gemini is the latest to look to expand into Asia with a move into India as the US war on cryptocurrency continues.
The Winklevoss twins’ cryptocurrency exchange Gemini has announced the expansion of its global engineering and operations teams.
On April 20, Gemini revealed the opening of a new office in Gurgaon, India. It is the latest major US crypto company to make a move abroad amid an ongoing crackdown on the industry.
Gemini Asia Pacific’s new CEO, Pravjit Tiwana, said the India office will be Gemini’s second largest engineering hub after the US.
The Gemini crypto exchange is still based in the US for now, but that could change if the regulatory enforcement campaign continues. In late March, Gemini announced that it was launching an international cryptocurrency derivatives platform.
However, moving the engineering team to India would result in talent leaving American shores. Tiwana said:
“We are actively recruiting for Software Engineers and Technical Product Managers to work from our Gurgaon office along with other key roles, including HR, Talent Acquisition, Finance, Support and Compliance.”
Gemini in India
Tiwana Certain Gemini engineering, design and operations teams in India will make significant contributions in many areas. These include developing next-generation web and mobile user experiences. He said there will also be work on compliance, data pipelines, storage, security and payments.
New feature sets for the company’s NFT crypto-asset marketplaces in India will also be developed.
The decision not to move the exchange to India may be due to the fact that crypto regulations are still in a state of uncertainty. Central banks have a lot of disdain for digital assets, and the government has yet to fully embrace them.
However, things are slowly moving forward in India. Earlier this month, India’s finance minister proposed developing a common crypto framework for G20 countries.
Coinbase Eyes Offshore Operations
On April 19, Coinbase announced an offshore move after it was granted a license to operate in Bermuda.
Earlier this week, CEO Brian Armstrong said, “Anything is on the table, including relocation or anything necessary.” His comments point to a lack of regulatory clarity in the US and the SEC’s mission to crush the fledgling digital asset industry.
Gemini has already been targeted by the Securities and Exchange Commission (SEC) for securities law violations related to the Gemini Earn program.
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