American cryptocurrency investors and traders now have a government sanctioned venue to trade Ethereum for the very first time. Gemini Trust, the bitcoin exchange created by Tyler and Cameron Winklevoss, has been authorized by the New York State Department of Financial Services (DFS) to offer the trading of Ether.
NY Governor Andrew Cuomo stated: “This action continues New York’s long tradition of pioneering new innovations and emerging industries. With robust regulatory oversight, we are maintaining our status at the forefront of this technological revolution and ensuring that users have a safe and secure experience.”
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Acting Department of Financial Services Superintendent Maria T. Vullo added: “Through smart and careful regulation, New York State continues to flourish as a virtual currency leader in the global marketplace. DFS will continue to encourage the development and long-term future of this growing industry.”
Cameron and Tyler Winklevoss, founders of Gemini Trust Company, LLC, said: “We thank Governor Cuomo for his leadership and DFS for being the first regulator in the world to build a licensing framework for virtual currency businesses. Their approval of Gemini as the first-ever licensed platform to support Ether trading demonstrates their commitment to being global thought leaders in financial regulation that both protects consumers and fosters innovation.”
Back in October 2015 the NY DFS issued a charter to Gemini to operate a cryptocurrency exchange through which Gemini customers may purchase and sell virtual currency for U.S. dollars and U.S. dollars for cryptocurrency. By obtaining a trust charter, it is granted permission to operate in all 50 American states as a fully regulated financial services entity, thereby absolving Gemini from BitLicense requirements.