Winklevoss Twins’ Bitcoin Exchange Gets Trust License

The Winklevoss twins are taking the final steps toward officially launching their bitcoin exchange, Gemini, now that it has the backing of the New York State Department of Financial Services.

This license is different than the BitLicense, which is more of a business license for those that process bitcoin transactions. For bitcoin exchanges, the regulatory pressures are a bit different. Now, however, with its new license under its belt, Gemini is able to operate as a chartered limited liability trust company.

Trading across the bitcoin exchange officially begins on Thursday, Oct. 8, at 9:30 a.m. EDT.

In a blog post announcing the opening, Cameron Winklevoss posted a note on behalf of himself and his brother, Tyler, about what the company has been working on leading up to the launch, and what’s next for the bitcoin exchange. His blog post focused on four big keywords: product, security, licensing and compliance.

“As a bitcoin exchange we don’t always have the ability to ‘fail fast’ or the freedom to ‘hack’ our way through product development, security or licensing. When you are dealing with money — especially other people’s money — you simply cannot assemble the rocket ship mid-flight,” he wrote.

“Meeting the high-water mark of banking compliance is no small

Read more ... source: TheBitcoinNews