Gemini Looking to Hire New APAC Lead
Anonymous sources familiar with the matter revealed Ng’s departure from the APAC region of the U.S.-based cryptocurrency exchange and custodian. However, there are no reasons why Ng left his position, with no official statement yet from Gemini or the former APAC head.
Gemini first hired Ng back in June 2020, as the company was looking to expand across the Asian region. While at the position, the APAC chief was based in Singapore, which serves as the regional headquarters. He was responsible for hiring a team that would build out the company’s presence in the city-state, development of products, and management of operations.
As of July 2021, the former APAC head said that the Singaporean office boasted of 30 employees while stating that Gemini customers across APAC, both retail and institutional, were able to trade and earn over 40 crypto assets. Part of the APAC expansion was also the support for the Hong Kong dollar and Australian dollar.
The crypto exchange also applied for a digital payment token (DPT) license with the Monetary Authority of Singapore (MAS). The payment services act (PSA), which was first introduced in January 2020 and later upgraded in January 2021 requires crypto exchanges and businesses to obtain a license to operate in the city-state.
While Gemini is yet to get approval for its license application, the company is looking to hire a new head for its Singapore office. The job opening on LinkedIn stated that the various functions and responsibilities of the incoming lead. An excerpt detailing the role of the APAC head said:
“Key to the development and implementation of Gemini’s APAC growth will be effectively nurturing regulatory relationships with central banks and other regulators, providing oversight, advice, and recommendations (alongside Gemini’s Compliance and Legal functions) to the leadership team.”
Furthermore, the new APAC lead will report to the New York-based Global Chief Operatingat Gemini, “alongside Regional Head counterparts in Dublin, London, and São Paulo.” The opening appeared three weeks ago, and so far, there have been 106 applications for the role.
Huobi Picks Singapore, Binance Leaves
Apart from Gemini, more global cryptocurrency exchanges are looking to expand into the Asian region. Chinese crypto exchange giant Huobi recently chose Singapore as its regional headquarters.
According to the company’s co-founder Du Jun, Singapore seemed like a suitable choice due to the increase in cryptocurrency adoption in the city-state. However, the company’s decision to set up a regional headquarters in Singapore came shortly after the exchange announced that it would stop servicing local users.
Also, Binance Asia Services, an affiliate of the global cryptocurrency exchange behemoth Binance, and operator of the company’s Singapore trading platform` announced on December 13 that it was withdrawing its DPT license application with the MAS.
Furthermore, Binance.sg stopped accepting new users, while existing Singapore users will be able to trade crypto till January 12, 2022, and will be barred from crypto buying and selling by January 13. All accounts will be closed on February 13, 2022.