NEW YORK REGULATOR GRANTS BANKING CHARTER TO BITCOIN EXCHANGE GEMINI TRUST
5 October 2015, 17:54
On Monday the New York Department of Financial services granted a banking charter to Gemini Trust Company, the Bitcoin exchange founded by Cameron and Tyler Winklevoss.
The firm is the most high profile digital currency company to receive a charter since the New York regulator issued a public order in March 2014 requiring certain virtual-currency exchanges to apply for them.
“We didn’t apply for a BitLicense because we wanted to build an exchange that both Main Street and Wall Street could use and trust, so we decided to obtain a limited liability trust company charter in order to do so,” said Tyler Winklevoss, chief executive officer of Gemini, in a company statement.
The first company to receive a charter was itBit Trust Company, which got it in May.
In June, the regulator published its final rules indicating which cryptocurrency companies must apply to the regulator for a so-called BitLicense which gives permission to operate in New York State. It approved the first BitLicense, which involves a less tough review process than receiving a charter, in September.
Gemnini said its exchange will be open for trading on Thursday.