Crypto Exchange Gemini Receives Preliminary Approval in Singapore

Gemini, the crypto exchange established by Tyler and Cameron Winklevoss, has received in-principle approval for its Major Payment Institution (MPI) license application from the Monetary Authority of Singapore (MAS), marking a step forward in its expansion strategy across Asia.

Enabling Cross-Border Crypto Payments

In a recent statement, Gemini highlighted that the preliminary approval reflects its commitment to the Singapore market, describing the city-state as the “heart” of its Asia-Pacific (APAC) operations. With an MPI license, Gemini could facilitate cross-border money transfers and crypto-based payment services in Singapore.

Since setting up its regional headquarters in Singapore, Gemini has been focused on expanding its reach in APAC. According to a statement by the company, it aims to provide users in the region with a secure and compliant trading platform tailored to local needs.

The license update follows Saad Ahmed’s January appointment as head of APAC. Ahmed, who previously held leadership roles at Uber and Grab, is helping to advance Gemini’s growth in Asia.

Gemini Expands Singapore Operations

Gemini announced its intentions in June last year to enhance its Singapore hub and strengthen its presence in the Asian market. Ahmed mentioned that with the expansion, the exchange is closer to offering services specifically suited to its Singaporean user base.

While Gemini’s main market remains the United States, Ahmed noted that Singapore and the wider Asian region are integral to its global strategy. He also pointed out that the Singapore team is growing, with plans to relocate to a larger office to support this expansion.

A full MPI license would enable Gemini to exceed Singapore’s transaction volume restrictions, including a limit of approximately $2.26 million (3 million Singapore dollars) per month for individual payment services and $4.4 million monthly for multiple services.

If fully approved, Gemini would join other U.S.-based firms like Coinbase and Ripple, which secured their full MPI licenses in October 2023. Coinbase received its license on October 2, followed by Ripple on October 4.

While Gemini is expanding in Singapore, it recently announced its departure from the Canadian market. The exchange stated it would close all Canadian user accounts by December 31, 2024, signaling a shift in its global strategy as it focuses on strengthening its presence in Asia.