Gemini, a cryptocurrency exchange company, seems to be in deep waters as their APAC head has allegedly left the company. Jeremy Ng, who was at the position of Asia-Pacific Chief, has left Gemini. This news has been brought out by two sources who claim to be in direct contact with the knowledge of this event. Moreover, Gemini has also released a job opening for the same on LinkedIn. Thus, it’s almost confirmed that Jeremy Ng is no longer with Gemini.
This personnel change for Gemini comes at a crucial time. Singapore is one of the very few countries that have started to approve digital payment token licenses. Jeremy Ng was, coincidentally, overseeing this process for Gemini. Now that he has left, whether Gemini’s license will be approved or not is being speculated. According to data, the Singaporean body that is approving these licenses seems to be quite strict. To date, only four companies have got their licenses approved. More than 100 companies have had their licenses rejected by the Monetary Authority of Singapore (MAS). If Gemini’s license is approved, they will be able to start their work in Singapore.
Gemini is looking for a suitable candidate who can fast-forward this process and get them their license as soon as possible. Otherwise, they will end up having a market disadvantage. Industry giants such as Binance and Huobi Global have also set their eyes on Singapore. Thus, Gemini seems to be under a time crunch. Their future in Singapore will be decided by the kind of candidate they land and how soon they land them.