Gemini’s Head of Asia-Pacific (APAC ), Jeremy Ng and the Head of Business Development, Eugene Ng have left the US crypto exchange and now plan to launch their own crypto venture within the next few months. Eugene had a conversation with Business Times media outlets and revealed the duo are planning to start their own cryptocurrency business. He did not elaborate on the details. However, he stated that both of them will be ready to talk about more details at the end of Q1 of 2022.

"Something is cooking. Jeremy and I have been working on this since we left. In a couple of months, we will probably be able to disclose something," Eugene said and added that there are "many parties" involved.

Additionally, Eugene declined to share the circumstances that led to his departure from Gemini as both he and Jeremy had signed non-disclosure agreements with the crypto exchange . Further, they have not updated their LinkedIn profiles about their next assignments.

Gemini hired Jeremy in June 2020 to be in charge of its new Singapore office as the Managing Director. Before that, Jeremy was the CEO of Leonteq, a company that specializes in insurance and structured financial products. Moreover, Jeremy had worked in a number of major global banks, including Goldman Sachs, Deutsche Bank and Morgan Stanley.

Meanwhile, Eugene joined Gemini in January this year and left the company two months ago. Prior to joining Gemini, he served several tenures in leading global banks such as Barclays Capital, Barclays investment bank, Citi Singapore and Deutsche Bank, among other financial firms.

Many Crypto Exchanges Seeking to Obtains MAS License

The announcement by Jeremy and Eugene comes at a time when Gemini has been pursuing an expansion across Asia. In June 2020, Gemini, a New York-based crypto exchange founded by Cameron Winklevoss and Tyler Winklevoss, launched its business office in Singapore. The exchange consequently hired Jeremey Ng, a former Goldman Sachs employee and a Singapore resident to lead the Gemini business in Singapore. The exchange took the move after Singapore enacted the Payment Service Act in January 2020, which allows cryptocurrency companies, including exchanges, to be licensed and conduct their business in the city-state. Gemini applied for an operating license in Singapore, a new requirement for crypto trading platforms in the country. However, the company’s ambitions appeared to have run into regulatory bottlenecks. Gemini is still waiting for its business license to be approved by the Monetary Authority of Singapore (MAS), together with another 170 companies.

Competence in collaborating with regulators across jurisdictions was a major component of Jeremy’s job. Only four companies have been awarded licenses, while a list of several proposals was rejected and many other companies withdrew their applications.

Since June 2020, Gemini’s office in Singapore has grown moderately. Currently, about 30 staff work at the office. Meanwhile, global crypto exchanges such as Coinbase, Binance and Huobi have been crystallizing their plans to operate in the city-state. But, regulatory hurdles have made things difficult for them. In September, MAS ordered Binance to stop offering services in Singapore and cease soliciting business from local residents. The regulator stated that Binance had no appropriate license to conduct its business in the jurisdiction.

Gemini’s Head of Asia-Pacific (APAC ), Jeremy Ng and the Head of Business Development, Eugene Ng have left the US crypto exchange and now plan to launch their own crypto venture within the next few months. Eugene had a conversation with Business Times media outlets and revealed the duo are planning to start their own cryptocurrency business. He did not elaborate on the details. However, he stated that both of them will be ready to talk about more details at the end of Q1 of 2022.

"Something is cooking. Jeremy and I have been working on this since we left. In a couple of months, we will probably be able to disclose something," Eugene said and added that there are "many parties" involved.

Additionally, Eugene declined to share the circumstances that led to his departure from Gemini as both he and Jeremy had signed non-disclosure agreements with the crypto exchange . Further, they have not updated their LinkedIn profiles about their next assignments.

Gemini hired Jeremy in June 2020 to be in charge of its new Singapore office as the Managing Director. Before that, Jeremy was the CEO of Leonteq, a company that specializes in insurance and structured financial products. Moreover, Jeremy had worked in a number of major global banks, including Goldman Sachs, Deutsche Bank and Morgan Stanley.

Meanwhile, Eugene joined Gemini in January this year and left the company two months ago. Prior to joining Gemini, he served several tenures in leading global banks such as Barclays Capital, Barclays investment bank, Citi Singapore and Deutsche Bank, among other financial firms.

Many Crypto Exchanges Seeking to Obtains MAS License

The announcement by Jeremy and Eugene comes at a time when Gemini has been pursuing an expansion across Asia. In June 2020, Gemini, a New York-based crypto exchange founded by Cameron Winklevoss and Tyler Winklevoss, launched its business office in Singapore. The exchange consequently hired Jeremey Ng, a former Goldman Sachs employee and a Singapore resident to lead the Gemini business in Singapore. The exchange took the move after Singapore enacted the Payment Service Act in January 2020, which allows cryptocurrency companies, including exchanges, to be licensed and conduct their business in the city-state. Gemini applied for an operating license in Singapore, a new requirement for crypto trading platforms in the country. However, the company’s ambitions appeared to have run into regulatory bottlenecks. Gemini is still waiting for its business license to be approved by the Monetary Authority of Singapore (MAS), together with another 170 companies.

Competence in collaborating with regulators across jurisdictions was a major component of Jeremy’s job. Only four companies have been awarded licenses, while a list of several proposals was rejected and many other companies withdrew their applications.

Since June 2020, Gemini’s office in Singapore has grown moderately. Currently, about 30 staff work at the office. Meanwhile, global crypto exchanges such as Coinbase, Binance and Huobi have been crystallizing their plans to operate in the city-state. But, regulatory hurdles have made things difficult for them. In September, MAS ordered Binance to stop offering services in Singapore and cease soliciting business from local residents. The regulator stated that Binance had no appropriate license to conduct its business in the jurisdiction.