Winklevoss brothers take another shot: cryptocurrency exchange Gemini to apply for a broker self-employed license

CoinDesk learns that Gemini, a cryptocurrency exchange owned by Bitcoin billionaire Winklevoss, will apply for a broker-ownership license from the US Financial Industry Regulatory Authority (FINRA).

102369471-187884864

(Source: CNBC )

This is the first step in becoming an approved alternative trading system in which customers can legally exchange digital securities.

Gemini has previously entered into a partnership with the currency-based securities platform, Harbor, which allows institutional investors to use Gemini's GUSD stable currency to buy equity securities and receive dollar-denominated dividends through GUSD. Therefore, Gemini also hopes to facilitate the trading of such securities on its own platform.

In February, Harbor CEO Joshua Stein told CoinDesk that brokers, family offices and investment banks are still "very interested" in tokens, despite the stricter regulatory environment that inhibited 2017. A wider market fanatic. So far, the platform has been focused on the potential to segment real estate and start-up equity, but its only real estate transaction was aborted in April.

Harbor Marketing Director Kevin Young told CoinDesk:

“The (Gemini) team is very easy to work with and we are consistent in adopting a positive regulatory approach and meeting the needs of market participants.”

A source familiar with the operation of Gemini told CoinDesk that the plan would allow securities from external platforms (such as Harbor) to eventually trade on the Gemini exchange. However, obtaining the necessary approval may take time.

To date, FINRA appears to be reluctant to approve a broker-dealer license application for a company associated with a cryptocurrency, even as a securities token. According to reports, the self-regulatory agency is currently suspending about 40 such applications for approval, and these companies can wait up to 14 months. Only time will tell if Gemini will also become a token trading platform.

In 2015, Gemini obtained state-level qualification for digital asset custody through the New York Financial Services Department (NYDFS).

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Opinion

Forbes Binance's Golden Touch, how did they turn failed ICO tokens into unexpected fortunes worth billions of dollars?

In this article, we will see a detailed analysis by Forbes of BNB's initial token issuance and the subsequent years' ...

Blockchain

Unveiling SBF's Defense Draft of up to 250 Pages I Did What I Believe Was Right

SBF traced his development journey, from his childhood in Palo Alto to the top floor apartment he purchased near the ...

Blockchain

Bloomberg Interview with He Yi: My relationship with CZ is that of a mentor, friend, and spouse.

He Yi referred to Zhao as a comrade-in-arms and also as a college roommate. She said that their relationship only beg...

Blockchain

The money was not earned, and the head was almost bald: interview with the boss of the startup exchange

Currently, one of the most profitable industries in the cryptocurrency sector is the exchange. According to The Block...

Blockchain

"Gemini" Risk Control Interview: How the Traditional Financial Regulatory Framework Maps to the Crypto Industry

Source: Yahoo Fiance Original author: Daniel Kuhn Translator: Moni Source: Odaily Planet Daily Is the Ethereum Founda...

Blockchain

Understanding the role of different roles in cryptocurrency exchanges

Originally written by Shane Molidor, Head of Global Business Development at BitMax & GDM, compiled by the Bluemou...