Categories: CoinsNews

Winklevoss twins have won approval to operate the Gemini Bitcoin Exchange

After announcing their Bitcoin exchange, Gemini, a couple of months ago, Cameron and Tyler Winklevoss have recently made a press statement, saying that the exchange is now live, and that users can go ahead and try it out. Now, they’ve finally received official approval to open their exchange.

The New York State Department of Financial Services, which has been heavily regulating NYC-based Bitcoin exchanges has decided to approve the operation of the Gemini exchange, as it follows all regulatory guidelines, while also having a similar regulatory framework to another firm which was recently accepted into the system.

While there are already a couple of popular exchanges on the market, such as CoinBase, the Gemini exchange is more focused towards banks and other institutions, interested in buying and selling bitcoin. With this in mind, it has been structured as a limited liability trust company, which is the main reason why they’ll be able to service both corporate companies and individuals. Following all regulatory framework was not an easy job for the Winklevoss twins, but according to a recent interview, they’re confident that the exchange is bound to be successful, as long as they use firm business practices and have a complex security programs.

Related Post

What makes the firm different from other bitcoin exchanges is the fact that they will hold customer money in bank accounts which are federally insured, thus greatly decreasing the risk of currency theft, and improving customer security. Both corporate companies and individuals can request invitation codes, and go ahead and try the service out.

At this moment in time, the company has been licensed to operate in half of the US states, including Washington DC. If Gemini manages to get the required licenses to extent their operation, they have high potential of becoming an important player on the bitcoin exchange market, considering the media buzz that it has received.

If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter!

Daniel Dob

Daniel is a bitcoin investor and journalist for numerous news outlets in the financial sector. When he's not writing, trading, or interviewing people, you can find him swimming, reading or taking one of his hobbies to the next level.

Share
Published by
Daniel Dob
Tags: bitcoin

Recent Posts

EigenLayer Airdrop Attracts Legendary Trader GCR And Justin Sun’s Team

EigenLayer, the innovative blockchain project, has recently made headlines with its first season airdrop announcement,…

1 hour ago

Uniswap’s Latest Upgrade Allows Direct Purchases With Robinhood Balance

Uniswap, the leading decentralized exchange, has recently enhanced its functionality by integrating Robinhood Connect into…

1 hour ago

Anonymity vs. Transparency: BlockDAG’s Post-Forbes Dilemma

Anonymity vs. Transparency: Where Will BlockDAG Go After the Forbes Doxxing? The cryptocurrency market has…

2 hours ago

Top ICOs: BlockDAG, Dogeverse, 99BTC, WAI, eTukTuk & Others

Top 7 Crypto ICOs: BlockDAG’s Over $22M Presale Surge Outshines Dogeverse, 5thScape, WAI, 99BTC &…

8 hours ago

BlockDAG Revolution: Forbes Disclosure Propels It to New Heights

Forbes Disclosure Catalyzes BlockDAG Presale: Is This Crypto Innovation the Future or Just a Tech…

12 hours ago

BEFE Coin’s Surge: Leaving PEPE and SHIBA INU in the Shadows

BEFE Coin makes an ethereal entrance onto the crypto scene, surpassing mammoths in the scene,…

13 hours ago