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Gemini Introduces Direct Australian Dollar Trading Ahead of New Regulations

Gemini Introduces Direct Australian Dollar Trading Ahead of New Regulations

Gemini's Australian arm is now officially registered with AUSTRAC, enabling local users to trade cryptocurrencies using AUD under a regulated framework.

Summary

Gemini has expanded its operations in Australia by securing registration with AUSTRAC, the country’s anti-money laundering regulator. This move allows locals to trade cryptocurrencies using AUD. The exchange has also appointed James Logan as the Head of Australia to lead its local operations and drive growth in the rapidly expanding Australian crypto market.

Terms & Concepts
  • AUSTRAC: The Australian Transaction Reports and Analysis Centre, the government agency responsible for regulating anti-money laundering and counter-terrorism financing in Australia.
  • Anti-Money Laundering: A set of procedures and regulations designed to prevent criminals from disguising illegally obtained funds as legitimate income.
  • G-10 Currency: The Group of Ten (G-10) consists of eleven of the world’s most economically developed countries, whose currencies are heavily traded in global markets.