In a blog post, the Gemini bitcoin exchange of the Winklevoss twins announced that it is opening its doors for both individual and institutional customers. The company has already started sending invite codes for clients who have entered their details through the “Get Early Access” option on the bitcoin exchange website.
Those with early access can be able to fund their account by October 8, 9:30 am EDT. Earlier this week, the company was able to obtain approval from the SEC for their Articles of Organization and their application for exemption the deposit insurance requirements of Section 32 of the Banking Law. In doing so, they are a few steps closer to offer their services without having to provide FDIC insurance for accounts.
Gemini Bitcoin Exchange Services
According to Gemini’s blog, the company has worked hard to be a fully-compliant bitcoin exchange, which is not an easy feat for a startup. Gemini has been able to create a robust anti-money laundering (AML) program, strong internal controls and procedures, a comprehensive security program and maintaining significant capital reserves.
The company also clarifies that it is regulated as a a New York state limited liability trust company, which makes them a fiduciary that is allowed to accept both individual and institutional clients. Unlike BitLicense which mostly covers firms that transact with individuals, Gemini bitcoin exchange caters to a broader market under the New York Banking Law.
For now, the bitcoin exchange will operate in 26 US states and in Washington, DC, but the company has mentioned that they are planning on expanding their services rapidly. Tyler Winklevoss has been responding to comments on the blog post, with some users requesting for the addition of litecoin and other cryptocurrencies on the bitcoin exchange while others have asked about having Gemini cater to clients abroad.
