As crypto crosses the chasm to become mainstream, there will arise times in which the interests of crypto firms conflict with those of government authorities. I’m sure you all are aware of how BlockFi was fined $100 million dollars by the SEC for issuing unregistered securities. Subsequently (and perhaps consequently), it announced about its intention to cease paying out interest to all new funds deposited by American clients.
As if this wasn’t enough, Nexo also announced something similarly for its US customers. That it forbids newly deposited funds from earning interest.
Gemini seemed not to have made any moves for its US clientele. However, it announced a move that rattled the worlds of Singaporean users.
If you look at the screenshot of Gemini’s email, you will understand why.
So, we Singaporeans are now frantically whitelisting our crypto addresses to meet the 21st February deadline set by Gemini. Apparently, Gemini explained that declaring our crypto addresses would enable it to abide by the regulations determined by the Monetary Authority of Singapore.
Oh we are not given any choice in this matter. Should we not whitelist any address, subsequently withdrawals will take SEVEN days to be approved. Given that the crypto space moves so fast, 7 days is practically several lifetimes over!
I guess I can take this to be a good sign that Gemini intends to be a formidable force in Singapore. However, the abrupt way in which it sprang this move on us left a sour taste in my mouth. Just because I am investing in crypto doesn’t mean I’m not subjected to the whims of larger forces. Oh well.
