New York Gemini Bitcoin Exchange is ready to go

Gemini, the New York-based bitcoin exchange founded by investors Cameron and Tyler Winklevoss, has received two key approvals from the New York Department of Financial Services (NYDFS).

On September 23, Gemini Trust received approval of its articles of organization and was granted an exemption from deposit insurance under Section 32 of the Banking Act, with CEO Cameron Winklevoss saying it was "one step away" from entering the U.S. market.

Cameron explained that with the approval of its articles of association, Gemini Trust is now an established entity and he said the company may now formally begin working with banking providers and suppliers.

Cameron told CoinDesk:

"But this does not mean that we have started business, it is just a formality, a step. We are not able to provide services to customers yet."

Additionally, he noted that the exemption also means Gemini will not be eligible to provide Federal Deposit Insurance Corporation (FDIC) insurance for customer accounts, but he said that responsibility will be borne by the exchange's partner banks.

Gemini CEO Tyler Winklevoss stressed that Gemini's decision to form a limited liability trust in New York was simply a marketing strategy that, in his view, would reduce the time required for the company's security clearance.

A NYDFS spokesperson said Gemini will need to go through further approvals before it can serve customers.

“There are still additional steps for the final charter approval.”

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