Gemini’s Australian Adventure: A Tale of Crypto, Tightropes, and Intergalactic Ambitions 🌟

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Pray tell, dear reader, what could be more diverting than the latest maneuverings of the American crypto exchange, Gemini, as it sets its sights upon the fair shores of Australia? With a countenance of cautious optimism, they establish a local entity, Gemini Intergalactic Australia-a name, one must admit, that bespeaks a certain audacity! 🌍✨

Saad Ahmed, the esteemed head of Asia Pacific, confided to CryptoMoon that Australia’s crypto penetration is “quite significant, somewhere in the range of 23 to 25%”-a figure that leaves the exchange with “headroom for growth,” as he so aptly put it. One cannot help but marvel at their ambition, though one wonders if they might not be reaching for the stars a tad too eagerly. 🌠

On Thursday, the exchange announced the creation of this local entity, duly registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), the nation’s financial intelligence agency. This, they assure us, shall grant them access to local payment rails, a boon indeed for their endeavors. 📜💼

Since August 2019, Gemini has been available to Australians under its global business, offering a limited selection of assets and payment options that one might charitably describe as… less than convenient. But fear not, for with their new local entity, they shall no longer tread the precarious legal tight-rope that has constrained their marketing and financial services. 🪢🤸‍♂️

A Local Entity Opens the Door to Australia

Ahmed declared that Gemini Intergalactic Australia shall allow them to integrate local payment rails and offer a broader range of services without the former legal constraints. “We’re changing that because we think Australia is a market that we want to be in, and it’s a market that we want to grow,” he proclaimed with a confidence that borders on the charming. One cannot help but wish them well, though one suspects they may yet face trials unknown. 🌱🚪

The company shall establish its headquarters in Sydney, with James Logan, formerly of Luno and Bitget, at the helm of its Australian operations. A wise choice, no doubt, for a man with such experience in the local crypto landscape. 🏙️👑

Ahmed further revealed that Gemini is pursuing an Australian Financial Services License (AFSL) to offer services such as crypto staking and credit cards. “We’re not going to have all of the products that we offer in the US out of the gate,” he admitted, “but we’re working on it.” One can only imagine the flurry of activity behind the scenes! 🏦💳

Gemini Adopts a Wait-and-See Stance on Crypto Laws

The founders of Gemini, Tyler and Cameron Winklevoss, are renowned for their deep involvement in American politics. Yet, Ahmed assures us that Gemini’s Australian arm shall take a more reserved approach, opting to observe the government’s consultation on overhauling crypto laws rather than actively engaging. A prudent decision, perhaps, though one cannot help but wonder if they might miss an opportunity to shape the discourse. 🕵️‍♂️📜

The Albanese government’s draft legislation, released last month, seeks to tighten oversight on crypto exchanges by requiring them to obtain an AFSL. The local industry has greeted this development with cautious optimism, and Gemini appears content to watch from the sidelines. “There’s going to be some back and forth between the industry and the government for some time,” Ahmed observed. “We’ll probably take the position of just observing and seeing how things play out over the next few months.” 🧐⏳

“There’s limited upside for us to respond to the laws that have come out,” he added. “There is an existing ecosystem here, we’re somebody new that’s coming in, and we just want to make sure that we’re building and focused on our customers.” A noble sentiment, though one suspects their competitors may not be so reticent. 🤝🏗️

“We’re confident that whatever regulation comes into effect, we’ll be well prepared for it and we’ll be able to comply with it,” Ahmed concluded with a reassuring smile. One can only hope that their confidence is well-founded, for the crypto world is ever full of surprises. 🌪️✅

Additional reporting by Jesse Coghlan. 📰✍️

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2025-10-09 02:00