NYSDFS approves the launch of Gemini bitcoin exchange

Regulation | October 8, 2015 By:

The Winklevoss Twins announced the launch of their long-awaited Bitcoin exchange, Gemini, with the approval from the New York State Department of Financial Services to begin serving US customers in 26 states as well as Washington, DC.

“[W]e take licensing and compliance very seriously and think that asking for permission, rather than forgiveness is the right approach in this case — and we think our customers will agree,” said Gemini.

The company said it is now onboarding customers and will officially open for trading on Thursday, 8th October at 13:30 UTC. Transfers to and withdrawals from the exchange will be free, though a charge of 25 basis points the value of every trade will be applied to both buyers and sellers.

At launch, the exchange will feature email and voicemail support, and offer market and limit orders. “We’re starting off aiming to be basic and understandable,” he said. It will not offer discounts to new users of the platform, with Cameron Winklevoss suggesting the company was seeking a more elite clientele.

New customers of the exchange will need to verify bank accounts through online bank statement verification and answer questions related to their credit history.