Gemini Exchange receives two NYDFS Approvals

Gemini, a New York-based bitcoin exchanged being developed by Winklevoss brothers, has recently received two crucial approvals from the New York State Department of Financial Services (NYDFS).

CoinDesk reported that 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.

President Cameron Winklevoss said that the approvals put it on the "one yard line" for completing its current goal of entering the US market. He said that with the approval of its Articles of Organization, Gemini Trust Company is now an established entity, positioning it to potentially begin formalizing its relationships with banking providers and vendors.

"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”, he told CoinDesk.

He further said that exemption means the exchange will not be eligible to offer FDIC insurance on accounts, however, this responsibility will be shouldered by its partner banks, which will hold fiat deposits.

Gemini CEO Tyler Winklevoss emphasized that its decision to form as a limited liability trust company in New York was simply one strategy to market, one that he suggested would reduce the length of time needed for the company to securing licensing.

"Going beyond that type of license into lending, that's a whole new process. It's not something we couldn't do, but if you look at perspective, it's another year or two at minimum to be successful at it," he told CoinDesk.