Winklevoss Twins’ Crypto Empire Just Got a Whole Lot More Perpetual

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So, the Winklevoss twins’ crypto playground, Gemini, just got a thumbs-up from the Malta Financial Services Authority (MFSA) for an Investment Firm licence. 🎉 Now they can legally offer crypto derivatives, including perpetual futures, across the European Economic Area (EEA). Because, you know, Europe needed more ways to gamble on crypto. 🎰

According to the latest buzz, Gemini snagged this in-principle approval under the Markets in Financial Instruments Directive (MiFID II). Translation: they can now sell regulated options and futures in the EEA. Perpetual futures, which never expire (because why not?), are the star of the show. Gemini’s planning to roll these out to both retail and institutional investors. Because nothing says “mature asset class” like betting on crypto that never ends. 📈

Mark Jennings, Gemini’s Head of Europe, had this to say:

“Interest in crypto derivatives, particularly from institutions, has increased significantly in recent years, as crypto matures into a recognised asset class.” He also added that Gemini is committed “to providing a best-in-class offering for retail and institutional investors.”

Translation: “We’re here to make money, and so are you. Let’s do this.” 💼

Gemini’s European Adventure

Gemini’s been busy in Europe, setting up shop in Malta and grabbing a Virtual Financial Assets (VFA) Service Licence. This lets them operate under the Markets in Crypto-Assets (MiCA) framework. They’ve also got a similar licence in France. But here’s the kicker: the VFA licence doesn’t cover crypto derivatives. So, the MiFID II licence, once fully approved, will fill that gap. Meanwhile, Gemini’s reportedly eyeing an IPO in the U.S. Because why stop at Europe when you can conquer the world? 🌍

Crypto Derivatives: The New Black

Crypto exchanges are jumping on the derivatives bandwagon like it’s the last lifeboat on the Titanic. Coinbase and Kraken have already snagged MiFID II licences to offer similar services. Coinbase even bought a Cypriot unit of BUX to get into the game. Kraken did the same, but they’re keeping the name of the company a secret. 🤫 Gemini’s just following the trend, trying to stay relevant in the regulated derivatives space. And let’s not forget Crypto.com, which expanded into CFDs by acquiring an Australian broker. Because, apparently, the crypto world can’t get enough of derivatives. 🎲

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2025-02-11 21:03