Crypto exchange Gemini and Apex Fintech Solutions have signed a non-binding letter of intent that would position Gemini Titan as the exclusive regulated venue for crypto event contracts distributed through Apex’s Futures Commission Merchant (FCM) to brokerage firms.
How the Arrangement Would Work
Under the proposed deal, brokerage firms operating through Apex’s FCM would route all crypto event contract execution and clearing through Gemini, opening a significant new distribution channel for Gemini’s growing prediction-market operation. Apex provides trading and clearing infrastructure to hundreds of financial firms that collectively serve tens of millions of investors.
The exclusivity applies to crypto only. The two companies said they may also collaborate on sports, economic and financial-market contracts, but on a non-exclusive basis, and that they expect to finalise terms in the coming weeks.
Gemini’s Regulatory Foundation
Gemini has been constructing its regulated prediction-market business on two key approvals from the US Commodity Futures Trading Commission: designation as a contract market in December 2025, and authorisation to clear derivatives in-house, granted in April. Those approvals underpin the exchange’s ability to serve as a compliant venue for event contracts at scale.
The two companies already have an established working relationship. Apex Clearing provides custody and clearing services for Gemini’s zero-commission US equities product, which launched in July. The proposed prediction-market tie-up would extend that partnership into a new asset class.
Legal Headwinds for the Sector
The announcement arrives as prediction markets face intensifying legal scrutiny at the US state level. A Washington state judge recently ordered rival platform Kalshi to halt a broad range of event contract offerings within the state, rejecting Kalshi’s argument that federal commodities law takes precedence over state gambling statutes.
The contrast is the point. One operator is being switched off in a state that considers its contracts gambling, while another builds distribution on the assumption that federal approval settles the question. Gemini’s structure rests on the same premise Kalshi argued and lost, at least at the preliminary stage.
