Winklevoss's Gemini gears up to launch overseas crypto derivatives exchange - report

Gemini, the cryptocurrency exchange led by billionaire twins Cameron and Tyler Winklevoss, has been working with market makers to introduce an overseas crypto derivatives, The Information reported Wednesday, citing two people familiar with the matter. In the meantime, international crypto derivatives exchanges have taken the spotlight in the days following the U.S. Commodity Futures Trading Commission's lawsuit against Binance , the world's largest crypto exchange by trading volume. The regulator alleged that Binance violated U.S. derivatives trading laws and illegally operated in the country. Gemini's move comes after the downfall of international crypto exchange FTX ( FTT-USD ) led to more opportunity for fellow trading platforms to take market share in derivatives trading. U.S.-based crypto exchange Coinbase Global ( COIN ) is reportedly exploring a similar rollout. The Winklevoss's firm has been grappling with a number of issues in the past year, more recently ranging from its lawsuit with the U.S. Securities and Exchange Commission for allegedly selling unregistered securities to its latest round of job cuts in the face of an industry-wide downturn .