Winklevoss twins' Bitcoin exchange Gemini gains regulatory approval in New York, opens Thursday

By Shawn Knight
Oct 5, 2015
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  1. Bitcoin hasn’t been topping headlines like it once did but that doesn’t mean the virtual currency has disappeared. Its supports have been working overtime to bring some much-needed legitimacy to the cryptocurrency and one of its biggest advancements is just around the corner.

    Gemini, the Bitcoin exchange founded by Cameron and Tyler Winklevoss (of Facebook fame), announced Monday that it has received regulatory approval from the New York State Department of Financial Services to operate as a financial services firm.

    Specifically, Gemini will be held to the same regulatory standards as a trust bank. It’s a significant milestone as the company is only the second Bitcoin-related business to ever receive a trust charter from the state’s financial regulator. The other, ItBit, received their trust charter this past spring according to The Wall Street Journal.

    With the charter in hand, Gemini is set to open for business on Thursday.

    Customers will be able to buy, sell and hold Bitcoins. Virtual currency deposits will be held in an offline storage, the Journal reports, while fiat deposits will be kept with Signature Bank. The service will be open to both individual and institutional investors although the twins are said to be focusing their efforts on attracting the latter type of clientele.

    In 2013, the Winklevoss twins launched a Bitcoin index called Winkdex; it’s still awaiting regulatory approval.

    Permalink to story.

  2. dividebyzero

    dividebyzero trainee n00b Posts: 4,891   +1,258

    Given how quickly Bitcoin value can be wiped, maybe they should have called it Windex.
    Arris likes this.
  3. davislane1

    davislane1 TS Evangelist Posts: 3,374   +2,165

    Given these gentlemen attended Harvard, I'm surprised by their decision to chose a name so dangerously close to Wankdex. The crude and pedestrian nature of such a modification couldn't possibly have escaped them as textbook Ivy-League irony.

    But then, I didn't let Facebook slip right through my fingers.
    wastedkill likes this.

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