Gemini Expands in Asia

Gemini, the crypto exchange founded by Tyler and Cameron Winklevoss, has received in-principle approval for its Major Payment Institution (MPI) license application in Singapore as part of its expansion in Asia.

The company stated on Tuesday that the preliminary approval from the Monetary Authority of Singapore highlights its "dedication to the Singapore market" and reinforces that the city-state has been "the heart of our operations in APAC." The MPI license enables exchanges to provide cross-border money transfer and crypto payment services.

> "Since establishing our regional headquarters in Singapore, we’ve focused on expanding our footprint, ensuring that we bring a localized, secure, and compliant trading experience to users across the region," said Gemini.

This update follows Gemini's hiring of Saad Ahmed as the head of APAC in January, who previously held leadership positions at Uber and Grab in the area.

In June of last year, Gemini announced its plans to expand its hub in Singapore to target the Asian market and identify opportunities outside the U.S. The company also mentioned that it continues to grow its team in Singapore, emphasizing the need for talent in growth support and compliance.