U.S.-based crypto exchange Gemini plans to launch an international cryptocurrency derivatives exchange. The new company will operate outside the US.

According to The Information, citing sources familiar with the situation, the platform will offer perpetual futures. This type of derivatives is banned in the US for retail traders as it does not have an expiration date and is therefore considered a very risky product.

In recent months, Gemini has approached companies to act as market makers for overseas operations. While Gemini, founded by Cameron and Tyler Winklevoss (Cameron, Tyler Winklevoss), has not announced its plans officially. However, after the collapse of the FTX cryptocurrency exchange and the Commodity Futures Trading Commission (CFTC) lawsuit against Binance, other companies got a chance to fill this niche.

In January, the US Securities and Exchange Commission (SEC) filed charges against the Gemini exchange and the Genesis lending service for an unregistered sale of securities. Gemini responded by saying that the SEC’s actions are “completely counterproductive” and do nothing to advance Gemini’s efforts to resolve the crisis.