Market
Gemini’s APAC Chief Saad Ahmed Talks Global Expansion
Gemini, the US-based cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is expanding globally, with a focus on the Asia-Pacific (APAC) region. Leading this effort is Saad Ahmed, Head of APAC, now based in Singapore.
Ahmed, who joined Gemini in November 2023, brings experience from Uber and Grab. In this interview, he discusses crypto investor trends, regulatory challenges, and Gemini’s strategy for Asia. He also shares insights on how global events, like the US elections, may impact the crypto industry and outlines Gemini’s international expansion plans.
How do you think crypto adoption is growing?
As stated in our report published recently, crypto investors are very resilient. Despite price action in 2022 and 2023, most countries showed a marginal fall in crypto ownership, or it relatively stayed the same. Crypto owners are hodlers who continue to hodl, showing a long-term belief that this asset class has a place in a balanced portfolio.
We see stability in hodling, and people who left in 2021 or 2022 are saying they’re going to come back. 7 out of 10 in most markets said they would be allocating to crypto in the next 12 to 18 months. This paints a positive picture of resiliency and that the asset class is here to stay.
People are looking at catalysts like macro factors, US elections, and Fed rate cuts. Crypto investors are resilient and many are likely to come back in the next 12 to 18 months.
What would you say about the lack of regulatory clarity as a barrier to industry growth?
Regulatory clarity is about consistency across different jurisdictions. In the crypto industry, there are differences in how regulators are trying to regulate this asset class. Innovation usually leads to regulation. There’s a need for consistent regulation that applies across jurisdictions, making it easier for global entities to operate.
Singapore has regulatory clarity, with a focus on customer protection, encouraging dialogue between industry, customers, and regulators. They have a clear framework of rules to comply with. Despite this, some respondents still said they’d like to see more regulatory clarity, which is intriguing.
What do you expect from the US election, and how would that affect your business?
7 out of 10 people said the candidate’s stance on digital assets is an important issue in their decision-making. It’s not the only issue they care about, but it is a partisan issue being discussed in national discourse. This is the first time in a US election that this has happened.
Taken in context with everything else happening in the industry, like Bitcoin ETFs giving legitimacy to the asset class, this topic being discussed as part of campaign strategy for both parties is a good thing for the industry. It helps drive forward the dialogue around this industry and its importance. More people are realizing how it fits as part of their portfolio.
Gemini delisted the controversial Terra Luna Classic (LUNC) in September. What was the reason behind this decision?
We go through a process of auditing every asset we list and delist. We have a robust infrastructure and processes for what goes into an asset being on the platform. There’s due diligence on the founders, what the project stands for, token distribution, and what the project does.
The process involves both the compliance and legal teams. Once a project is listed, it is recorded in the system, with an infrastructure cost tied to maintaining the listing.
Various factors are evaluated to determine whether a token should remain listed or be delisted. This is done regularly, taking a holistic approach to better manage the infrastructure. New projects are added, while those no longer driving demand are removed, as many tokens experience a hype cycle of about six months before interest declines.
Do you agree that fees are comparatively higher in Gemini than in other exchanges?
There are broadly three things customers care about liquidity on the platform, product, and fees. Most people have a preference for which they value most. You could have lower fees but wider spreads, or higher fees and tighter spreads.
These are choices exchanges make when building their framework. Our understanding is that our fees are quite competitive. We need to add more liquidity.
We’re working on areas that can drive better liquidity and depth on our platform. Our fees are generally competitive, and we’re working on improving liquidity.
What kind of business scale does Gemini have in APAC?
The US is our largest market, but we’ve been present in APAC for four years. We’ve always had an office in Singapore and a team here. We built for Singapore in 2020, being one of the first exchanges with an SGD onramp. Today, we have about 40 employees in Singapore, our APAC HQ.
Over the last year, we’ve built out a strong leadership team with new heads of compliance, general counsel, strategy, institutional sales, and expansion and growth. We are eager for growth, investing in the market, and continuing to build localized experiences, onboarding flows, and payment rails.
We’re thinking of a feature set that appeals to customers in Asia and building from an Asia-focused perspective. We’re now driving expansion from Singapore to other parts of Asia.
As a global exchange, what do you care the most about?
As a global exchange, we care about building for the customers in the region. It’s how we build the best experience and give them the products and services they really want. We can’t build a global product and expect everyone to use it. We need to localize our product and offering to make it relevant.
That’s why we have a team in the APAC region. We want to drive adoption through localized products. In 2024, we’ve seen the legitimacy of this asset class with ETFs and big traditional finance names joining the industry. We’re playing a part in driving the adoption of this technology.
The legitimacy means more people will find a place for this asset class in their portfolio. We’re building products to help make that transition easier for as many people as possible.
Disclaimer
In compliance with the Trust Project guidelines, this opinion article presents the author’s perspective and may not necessarily reflect the views of BeInCrypto. BeInCrypto remains committed to transparent reporting and upholding the highest standards of journalism. Readers are advised to verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Polymarket Faces Ban in France as US Election Betting Ends
According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.
Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.
France Users May No Longer Access Polymarket
According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.
The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.
“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.
Read more: What is Polymarket? A Guide to The Popular Prediction Market
Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.
“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.
Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.
However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.
France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.
Polymarket’s Fate After US Elections
Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.
As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.
Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.
Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.
Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.
Read More: How To Use Polymarket In The United States: Step-by-Step Guide
Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.
Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.
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At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.
In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.
Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
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