- US-based crypto exchange, Gemini, announced on October 8 that it has expanded into Australia and now offers a more full-featured trading experience.
- Gemini confirmed it had secured AUSTRAC registration, which is a requirement to operate a crypto exchange in Australia.
US-based crypto exchange, Gemini, announced October 8 that it has expanded into Australia and registered with the nation’s financial crimes watchdog, so it can offer a more full-featured trading experience for Aussie crypto investors.
Gemini did have a limited presence in Australia from 2019. Aussie users could access the company’s global exchange, which required international transfers to Gemini’s US accounts to purchase crypto.
But trading on the platform will become more convenient for Aussies now that the company is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), which is a requirement to operate a crypto exchange in Australia. The company registered with AUSTRAC through its Australian arm, Gemini Intergalactic Australia Pty Ltd.
Gemini’s move follows the introduction last month by the Australian government of a draft law that, if passed, would require crypto exchanges to hold Australian Financial Services Licenses to operate. This law would essentially extend Australia’s existing financial regulatory framework, which applies to all TradFi financial institutions, to crypto exchanges.
In an interview with Decrypt, Gemini’s Head of APAC, Saad Ahmed, claimed the decision to expand into Australia and seek AUSTRAC registration was not based on the prospect of this draft law passing.
“Our decision to expand into Australia has been in motion for some time,” Ahmed said. “While we welcome the government’s efforts to strengthen oversight of the sector and remain committed to full compliance, our focus on Australia stems from its strong market potential.”
Gemini has appointed James Logan, formerly the Australian head at crypto exchange Luno, to lead its Australian operation.
Related: Australia Unveils Draft Bill to Bring Crypto Exchanges Under Finance Laws
What Does Gemini’s Expansion Mean for Aussie Investors?
Gemini’s expansion in Australia means local customers will now be able to trade directly in Australian dollars, removing the need to make international transfers.
Customers will be able to make deposits instantly using Australia’s domestic payment rails such as PayID and will be able to trade a wider range of cryptocurrencies, both through the Gemini app and the Gemini ActiveTrader platform.
Related: Gemini Skyrockets 32% in Nasdaq Debut, Valued at $4.4 Billion
Ahmed said he believes Gemini has an edge over other crypto exchanges operating in Australia when it comes to a “combination of liquidity, regulatory rigor, and brand trust,” suggesting he believes customers are now prioritising reputation and trustworthiness.
He also said Gemini intends to seek an Australian Financial Services License to ensure its ongoing regulatory compliance.
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