Tyler and Cameron Winklevoss, the twins best known for their legal action against Facebook creator Mark Zuckerberg, have started a new bitcoin exchange after they received regulatory approval from the New York Department of Financial Services.
The NYDFS granted the company, named Gemini as it’s twins’ star sign, a limited liability trust charter, meaning it is now held to the same regulatory standards as a trust bank and can operate as a financial services firm. The charter allows Gemini to provide services as a registered money transmitter.
Gemini joins just one other company to have been granted the charter – ItBit, another bitcoin exchange platform, received its earlier in the year. Its decision to avoid applying for the other regulatory approval, the BitLicense, means Circle is the only company to have received it.
Anthony J. Albanese, Acting Superintendent of Financial Services, said Gemini received approval after a “rigorous review” of that application, including but not limited to the company’s anti-money laundering, capitalization, consumer protection, and cyber security standards.
“In New York, we are continuing to move forward on licensing and chartering virtual currency firms. Smart, targeted regulation that helps protect consumers and prevent illicit activity is vital to the long-term future of this industry,” he added.
On the company website, the brothers said they will now operate in 26 US states as well as Washington DC and that they plan to expand their coverage rapidly.
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