Gemini crypto exchange expands presence in Australia after AUSTRAC registration

Key points:

• Gemini has registered with the Australian regulator AUSTRAC, allowing it to legally expand its operations and deepen its integration with local financial systems.
• The company has opened a headquarters in Sydney and appointed an experienced manager for regional management.
• The exchange intends to actively cooperate with the government, adapting to upcoming changes in the regulation of the Australian crypto market.

The Gemini crypto exchange has expanded its operations in Australia by registering with AUSTRAC, the local anti-money laundering (AML) regulator. The platform plans to expand its offerings by monitoring upcoming regulatory changes through consultations with the government.

Gemini has been operating in Australia since 2019, using its global structure to offer a limited range of services. Now, the exchange can use its AUSTRAC registration to integrate Australian financial systems more effectively. This change allows Gemini to expand its services and customer engagement without any legal restrictions.

Strategic entry into the Australian market

Integration with local payment systems such as New Payments Platform (NPP) and PayID enables faster deposits and withdrawals, which is crucial in a market where retail customers are actively adopting this technology. Saad Ahmed, the head of APAC at Gemini, emphasized:

“Our decision to expand into Australia has been in motion for some time. While we welcome the government’s efforts to strengthen oversight of the sector and remain committed to full compliance, our focus on Australia stems from its strong market potential.”

Last month, the Australian government introduced a bill to extend financial services oversight to cryptocurrency companies, which would require them to be licensed under the Corporations Act.

Gemini has located its Australian headquarters in Sydney and appointed James Logan, an industry veteran, to lead the local team. Logan previously led regional operations at Luno and Bitget, bringing relevant experience to the role.