Gemini Expands Operations in Australia
On Wednesday, the cryptocurrency exchange Gemini disclosed its plans to enhance operations in Australia, bolstered by its recent registration with the Australian Transaction Reports and Analysis Centre (AUSTRAC), the nation’s authority overseeing anti-money laundering. This move comes ahead of the implementation of new regulations that will govern crypto exchanges across the country.
Local Branch Registration
Gemini Intergalactic Australia, Pty Ltd—Gemini’s local branch—has now met the requisite registration standards with AUSTRAC. Previously, Australian customers accessed Gemini’s services through its global entity in a self-directed manner. The shift marks an important transition following the Australian government’s introduction of proposed legislation aimed at increasing financial oversight on crypto-related businesses, which would necessitate these firms to obtain licenses under the Corporations Act.
Strategic Initiative and Market Potential
Saad Ahmed, Gemini’s head of Asia-Pacific operations, shared with Decrypt that expanding services in Australia has been a strategic initiative for a while. He highlighted the government’s commitment to regulatory measures in the crypto sector and emphasized Gemini’s dedication to full compliance. Ahmed indicated that Australia’s considerable market potential motivated their decision to enhance their presence in the country.
History and Compliance Efforts
Gemini initially entered the Australian market in 2019, facilitating trading in select cryptocurrencies, including Bitcoin and Ethereum. Their recent registration aligns with a broader initiative targeting compliance across all Australian crypto enterprises. As a part of this expansion, James Logan has been appointed the new Head of Australia for Gemini. Logan brings experience from his previous positions, including a stint at Luno as Country Manager and contributing to expanding access to digital assets at Bitget.
Enhanced User Experience
Australian users will benefit from the capability to trade directly in Australian dollars thanks to local banking partnerships, including the New Payments Platform (NPP) for instant transfers and PayID for quick account payments. This enhancement is designed to eliminate the cumbersome process of international transfers associated with prior funding methods.
Competitive Landscape and Future Goals
In his discussion with Decrypt during the Token2049 event in Singapore, Ahmed delved into what distinguishes Gemini in Australia’s competitive crypto landscape. He noted that the company prides itself on a “blend of liquidity, rigorous regulatory adherence, and established brand reliability,” contrasting Gemini’s approach with that of other riskier operators in the market. He believes such a reputation is vital in a market like Australia.
Looking toward the future, Ahmed confirmed that Gemini aims to obtain an Australian Financial Services License from the Australian Securities and Investments Commission (ASIC), which would empower the exchange to offer regulated products like derivatives for wholesale clients. As outlined in Gemini’s Global State of Crypto 2025 report, Australia is rapidly emerging as one of the globe’s most dynamic cryptocurrency markets, with 22% of the population reported to own digital assets. This ownership rate aligns with levels observed in the U.S. and reflects a growing interest in both retail and institutional crypto investments in Australia.
