Gemini Expands Crypto Services in Australia

Gemini, the prominent US-based cryptocurrency exchange, has taken a significant step in its international growth strategy by establishing a formal local entity in Australia. The exchange confirmed its registration with the Australian Transaction Reports and Analysis Centre (AUSTRAC), the country’s primary financial intelligence agency responsible for monitoring financial transactions and combating money laundering. This regulatory approval represents a crucial milestone for Gemini’s Australian operations, providing the foundation for expanded services and enhanced market penetration.

The creation of a locally registered entity enables Gemini to integrate directly with Australia’s domestic payment infrastructure, allowing for more efficient and cost-effective transactions for Australian customers. This move eliminates the need for intermediary banking relationships that often complicate cross-border crypto transactions, potentially reducing fees and processing times for Australian dollar deposits and withdrawals. The strategic timing of this expansion coincides with growing institutional and retail interest in digital assets across the Australian market.

According to Saad Ahmed, Gemini’s Head of Asia Pacific, Australia presents substantial growth opportunities for the exchange. He specifically cited Australia’s crypto penetration rate as “quite significant, somewhere in the range of 23 to 25%” of the population, indicating a mature but still expanding market. This adoption level suggests that approximately one in four Australians has some exposure to cryptocurrency, creating a substantial user base for Gemini to target with its expanded local services.

Ahmed’s comments about “headroom for growth” reflect Gemini’s assessment that despite current adoption levels, the Australian market remains underpenetrated relative to its long-term potential. The exchange appears positioned to capture market share from both new crypto adopters and existing users seeking more sophisticated trading platforms and institutional-grade custody services. The local entity structure will allow Gemini to tailor its product offerings specifically to Australian regulatory requirements and market preferences.

Gemini’s expansion comes at a pivotal moment in Australia’s regulatory landscape, with government authorities actively consulting on new frameworks for cryptocurrency oversight. The exchange has adopted a “wait-and-see approach” to these draft laws, which are expected to broaden regulatory supervision of the digital asset sector. This cautious stance reflects the uncertainty surrounding potential new compliance requirements and operational constraints that might emerge from the ongoing consultation process.

By establishing its AUSTRAC-registered entity now, Gemini positions itself to adapt quickly to whatever regulatory framework ultimately emerges. The exchange’s proactive compliance with existing financial intelligence requirements demonstrates its commitment to operating within Australia’s legal parameters while maintaining flexibility to adjust to new rules. This strategic positioning allows Gemini to build its Australian presence while monitoring regulatory developments that could impact its long-term business model and service offerings in the region.