New York DFS authorizes Gemini Trust Company to offer Ether trading

Governor Andrew M. Cuomo today announces that the New York State Department of Financial Services (DFS) has granted authorization Gemini Trust Company, LLC to offer the trading of Ether, an emerging cryptocurrency, on its virtual currency exchange based in New York City.

As a limited purpose trust company chartered under New York State Banking Law, Gemini is allowed to launch Ether trading with immediate effect, subject to ongoing supervision by the state.

The Department of Financial Services issued a charter to Gemini in October 2015 to operate a virtual currency exchange through which Gemini customers may purchase and sell virtual currency for USD and USD for virtual currency.

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.”

Governor Cuomo said,

“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.”

The Ethereum network is a cryptocurrency and blockchain platform. Ether is the digital cryptography-based asset of the Ethereum network, similar to how Bitcoin is the digital cryptography-based asset of the Bitcoin network.

For the full announcement from the regulator, click here.

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