The U.S.-based crypto exchange Gemini founded by Cameron and Tyler Winklevoss is reportedly looking to launch an international cryptocurrency derivatives exchange, The Information reported.

The platform would specifically offer perpetual futures, a type of derivative that is banned in the U.S. for retail traders as it doesn’t have an expiration date and can be traded with sizable leverage, and is therefore considered a highly risky product.

The news follows November’s bankruptcy of the FTX crypto exchange and this week’s Commodity Futures Trading Commission (CFTC) lawsuit against Binance for – among other things – breaking U.S. derivatives law. The exit of FTX and the regulatory issues for Binance may end up leaving sizable market share up for grabs in international derivatives trading.

Indeed, in addition to the Gemini plans, it was reported earlier this month that leading U.S.-based exchange Coinbase (COIN) was looking to launchan overseas platform in order to offer perpetual futures. Coinbase has its own regulatory concerns, having received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), suggesting an imminent enforcement action is coming.

Gemini in recent months has been reaching out to trading firms to serve as market makers for an overseas operation, people familiar with the matter told The Information.

CORRECTION (March 28, 2023 21:20 UTC): Replaces Genesis with Gemini in the fourth paragraph.