Gemini Expands in Asia Amid Crypto Growth and Regulation Challenges

Gemini, the US-based cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is expanding its operations in the Asia-Pacific (APAC) region. Leading this initiative is Saad Ahmed, Head of APAC, who recently relocated to Singapore. Ahmed, who joined Gemini in November 2023, previously worked with Uber and Grab. In a recent interview, he discussed crypto trends, regulatory challenges, and the company's global expansion strategy.

Ahmed emphasized that crypto investors are resilient, despite market volatility in 2022 and 2023. According to Gemini’s recent report, 7 out of 10 investors in various markets plan to increase their crypto holdings in the next 12-18 months. Even those who exited the market in recent years are considering a return. This, Ahmed noted, shows a strong long-term belief in cryptocurrencies as part of a balanced investment portfolio.

He pointed out that the lack of regulatory clarity remains a major barrier to the growth of the industry. Ahmed stressed the importance of consistent regulation across different regions, as varying rules complicate global operations. He praised Singapore for setting an example by having a clear regulatory framework and fostering a constructive dialogue between the industry and regulators. However, many in the sector still call for more clarity, highlighting the need for a global approach.

The upcoming US elections are also a significant factor for the industry. Ahmed highlighted that 7 out of 10 respondents in a recent survey said that the candidates’ stance on digital assets would influence their voting decisions. This is the first time digital assets have played such a central role in US election discourse, which Ahmed sees as a positive development. He also believes that Bitcoin ETFs and broader market trends are helping to legitimize cryptocurrencies, bringing them closer to the mainstream.

Gemini recently delisted Terra Luna Classic (LUNC), which caused some controversy. Ahmed explained that the decision followed an internal audit process that evaluates each listed asset based on project legitimacy, founder background, token distribution, and overall utility. Gemini’s compliance and legal teams conduct regular assessments to determine which tokens should stay or be removed, ensuring that the exchange remains focused on supporting high-quality projects.

Regarding fees, Ahmed acknowledged that they are a concern for many customers but noted that the trade-off often involves liquidity and spread quality. Lower fees might come with wider spreads and vice versa. Gemini aims to balance fees and liquidity to remain competitive. They are actively working on strategies to enhance platform liquidity, making trading smoother for users.

The APAC region has been a focus for Gemini since 2020, and the company is now accelerating its growth in Asia. With 40 employees based in Singapore, Gemini is building a regional team and tailoring products to meet the needs of local markets. The company has been focusing on onboarding flows, payment rails, and localized experiences. Ahmed shared that Gemini is investing heavily in expanding its presence in Asia, targeting markets beyond Singapore.

When asked about Gemini’s long-term goals, Ahmed highlighted that localization is key. They cannot expect a single global product to work for all regions. To build the best user experience, they are designing region-specific offerings that cater to the diverse needs of customers in Asia. This approach, Ahmed believes, will drive adoption and position Gemini as a leading exchange in the region.

He concluded by expressing optimism about the future of cryptocurrencies, citing the increasing legitimacy of the asset class through ETFs and the involvement of traditional financial institutions. Ahmed is confident that as more people recognize the role of digital assets in a diversified portfolio, crypto will continue to gain mainstream acceptance. Gemini’s mission, he said, is to ease the transition for those new to the space by offering relevant products and services tailored to regional preferences.