The Gemini crypto exchange is the latest to eye an expansion in Asia with a move to India as the American war on crypto continues.
The Winklevoss twins’ crypto exchange Gemini has announced the expansion of its global engineering and operations teams.
On April 20, Gemini revealed that it was opening a new office in Gurgaon, India. It is the latest large American crypto company to make a move offshore amid an ongoing crackdown on the industry.
The newly named CEO of Gemini Asia Pacific, Pravjit Tiwana, said that the India office would be the second-largest Gemini engineering hub behind the U.S.
The Gemini crypto exchange remains U.S.-based for now, but that may change if the regulatory enforcement crackdown continues. In late March, Gemini announced that it was launching an international crypto derivatives platform.
However, moving the engineering team to India will result in talent leaving American shores. Tiwana said:
“We are actively hiring software engineers and technical product managers to work from our Gurgaon office along with other key roles, including human resources and talent acquisition, finance, support, and compliance.”
Gemini Into India
Tiwana confirmed that Gemini engineering, design, and operations teams in India would make significant contributions in several areas. These include the development of its next-generation web and mobile user experiences. He said there would also be work on compliance, data pipelines, warehousing, security, and payments.
New feature sets for the firm’s NFT and crypto asset marketplaces will also be developed in India.
The decision not to move the exchange to India may be due to the fact that crypto regulations remain in a state of limbo. The central bank harbors 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, the finance minister of India proposed the development of a common crypto framework for G20 countries.
Coinbase Eyeing Offshore Operations
On April 19, Coinbase announced an offshore move after being granted a license to operate in Bermuda.
Earlier this week, CEO Brian Armstrong said, “Anything is on the table, including relocating or whatever is necessary.” His comments refer to the lack of regulatory clarity in the U.S. and the SEC’s mission to crush the embryonic digital assets industry.
Gemini has already been targeted by the SEC for securities law violations related to its Gemini Earn program.
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Source: https://beincrypto.com/gemini-exchange-pivot-asia-us-crypto-exodus/