Gemini Exchange Moves Toward Launch With Twin NYDFS Approvals

[OmegaStarScream]

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

Gemini Trust Company received approval on 23rd September for its Articles of Organization, and was granted an exemption from the deposit insurance requirements of Section 32 of the Banking Law, steps president Cameron Winklevoss said put it on the "one yard line" for completing its current goal of entering the US market.

Cameron Winklevoss explained that, with its Articles of Organization approved, Gemini Trust Company is now an established entity, which he said positions it to potentially begin formalizing its relationships with banking providers and vendors.


Full article : http://www.coindesk.com/gemini-exchange-moves-toward-launch-nydfs-approvals/

Anyone have more informations about the twins exchange ? Hopefully it's going to be good with different payment methods and limits and this kind of things ...

[bitgolden]

Wow that's the great news.
Like many other people, believes in Gemini exchange is to save bitcoin from the falling price. I also have belief on Winklevoss brothers, they will definitely will take bitcoin into moon. Lets watch how and what difference could make into bitcoin community as it is a long awaited exchange.

[spartacusrex]

Is it just me, or is this whole Gemini / Bitcoin ETF thing taking FORRREVVEERRR...

It has literally been YEARS.

Is this the normal amount of time that someone needs to spend getting 'regulated' in the US ? Or are the twins just making it take ages.. ?

What happened to the Land of the Free.. (To do whatever you can, as long as we say you can )

( Regulation is a racket anyway. )

[coinpr0n]

Looks like it's coming along, albeit slowly. I'm sure they already have their "banking partners" lined up so hopefully it won't take too long for the next step.

[Lauda]

Is it just me, or is this whole Gemini / Bitcoin ETF thing taking FORRREVVEERRR...

It has literally been YEARS.
Is this the normal amount of time that someone needs to spend getting 'regulated' in the US ? Are are the twins just making it take ages.. ?

It is taking a very long time indeed. However, if it launches properly and it is fully regulated then we can expect Bitcoin to take off. Essentially ETFs take a good amount of time to get created, however this is taking a bit more. The first time that the ETF was mentioned was 2-3 years ago I believe.

What happened to the Land of the Free.. (To do whatever you can, as long as we say you can )

Anyone that still believes that the US is 'the land of the free' is deluded.
This is actually very good news even though this does not mean that Gemini is ready to be used by customers. We will have to wait a while longer, so I'm hoping that we see results in the first quarters of 2016.

[poeEDgar]

How long did it take for the Copper ETF to be approved? 2-3 years? Bitcoin should double or triple that, easy. New asset class and all. The SEC isn't known for being a fast mover.

[Mickeyb]

Is it just me, or is this whole Gemini / Bitcoin ETF thing taking FORRREVVEERRR...

It has literally been YEARS.

Is this the normal amount of time that someone needs to spend getting 'regulated' in the US ? Or are the twins just making it take ages.. ?

What happened to the Land of the Free.. (To do whatever you can, as long as we say you can )

( Regulation is a racket anyway. )

Yes it is taking forever, but this is how thing work in the US, and especially in the state of New York where you see what they did with the famous BitLicense thing. It's not surprising at all that it takes this much time. Bureaucracy is a b***h!

This is an awesome news though. Thanks OmegastarScream for sharing it! Slowly but surely we are getting there!

[dloghwak]

So launch in about two weeks ? 

[Lauda]

So launch in about two weeks ? 

Please read the thread before posting next time.

"This doesn't mean we're open for business. It's a formality, it's one step. It does not mean we can serve customers."

I doubt that we will see a launch 'very soon'. Sometime in 2016 is probable.

[Febo]

Is it just me, or is this whole Gemini / Bitcoin ETF thing taking FORRREVVEERRR...

It has literally been YEARS.

Is this the normal amount of time that someone needs to spend getting 'regulated' in the US ? Or are the twins just making it take ages.. ?

What happened to the Land of the Free.. (To do whatever you can, as long as we say you can )

( Regulation is a racket anyway. )

Yes it is taking forever, but this is how thing work in the US, and especially in the state of New York where you see what they did with the famous BitLicense thing. It's not surprising at all that it takes this much time. Bureaucracy is a b***h!

This is an awesome news though. Thanks OmegastarScream for sharing it! Slowly but surely we are getting there!

lol you should see some other countries. I dont think USA is famous by its birocracy, quite the opposite.  Reality is that things in Normal world turns way slower then in Crypto world.

[LFC_Bitcoin]

The ETF is going to take a long time yet I fear. Looks like Gemini could finally be up & running soon though, hopefully no longer than a couple of months. We need some bullish news.

[Mickeyb]

Is it just me, or is this whole Gemini / Bitcoin ETF thing taking FORRREVVEERRR...

It has literally been YEARS.

Is this the normal amount of time that someone needs to spend getting 'regulated' in the US ? Or are the twins just making it take ages.. ?

What happened to the Land of the Free.. (To do whatever you can, as long as we say you can )

( Regulation is a racket anyway. )

Yes it is taking forever, but this is how thing work in the US, and especially in the state of New York where you see what they did with the famous BitLicense thing. It's not surprising at all that it takes this much time. Bureaucracy is a b***h!

This is an awesome news though. Thanks OmegastarScream for sharing it! Slowly but surely we are getting there!

lol you should see some other countries. I dont think USA is famous by its birocracy, quite the opposite.  Reality is that things in Normal world turns way slower then in Crypto world.

Yes you are right, France is for example worse bureaucracy wise then the US. Things here take twice as long and for finish everything, you need a stack of papers. I also noticed that there is no joking around in the US when it comes to money, questions about money, money licenses, etc. Over there everything has to be fair and square. In France on the other side, still many things can slide and go unnoticed.

Since the Gemini and ETFs are about the money, I am not surprised that all the regulations have to be followed in the US and that it takes this long.

[dloghwak]

So launch in about two weeks ? 

Please read the thread before posting next time.

"This doesn't mean we're open for business. It's a formality, it's one step. It does not mean we can serve customers."

I doubt that we will see a launch 'very soon'. Sometime in 2016 is probable.

I read the thread. 3 Months ago they said in an interview, launch will be in about two weeks, I was obviously making fun off the next "soon".

[CoinBateman]

Sounds like a good step forwards on an extremely long process.

[Preen]

I thought the ETF was meant to be ready for the end of 2014. In that time, someone else has beaten winklevoss to launching a bitcoin ETF.

[gentlemand]

My personal theory is that they want to make their parents proud by appearing to be doing exciting financial things when in reality they sit around playing video games all day while stringing along us chumps. I reckon they can drag it out for at least another five years.

[Chef Ramsay]

I thought the ETF was meant to be ready for the end of 2014. In that time, someone else has beaten winklevoss to launching a bitcoin ETF.

Pretty sure the last quarter of 2015 is what they were mentioning and shooting for. We're just entering this quarter and things seem to be progressing.

[CoinBateman]

I thought the ETF was meant to be ready for the end of 2014. In that time, someone else has beaten winklevoss to launching a bitcoin ETF.

Pretty sure the last quarter of 2015 is what they were mentioning and shooting for. We're just entering this quarter and things seem to be progressing.

What is it stopping them from launching sooner? First mover advantage is now lost.

[poncho32]

I thought the ETF was meant to be ready for the end of 2014. In that time, someone else has beaten winklevoss to launching a bitcoin ETF.

Pretty sure the last quarter of 2015 is what they were mentioning and shooting for. We're just entering this quarter and things seem to be progressing.

What is it stopping them from launching sooner? First mover advantage is now lost.

They have to get approval from a US government body called the securities and exchange commission (SEC) before they can launch the ETF. The SEC moves at a glacial pace and can take years to decide whether to grant or deny approval. There is nothing the twins can do to make the SEC speed up, they can only wait for its decision.

The Gemini exchange could open before the ETF but that still needs to wait untl it gets permission to open from some other regulators.

[NorrisK]

I would rather have them open sooner than later.. I think the twins will single handedly draw in the most capital to bitcoin ever just by opening this exchange.

Rule compliant and backed by known feel funded owners. Hardly a risk for investors.