Gemini
Website: https://www.gemini.com/
Gemini exchange is a regulated cryptocurrency exchange, wallet, and custodian that makes it simple and secure to buy bitcoin, ether, and other cryptocurrencies. Gemini was founded in 2014 by Cameron and Tyler Winklevoss, and is based in New York. Gemini is licensed by the New York State Department of Financial Services (NYDFS) and is also a fiduciary and Qualified Custodian.
Gemini is the world’s first SOC 1 Type 2 and SOC 2 Type 2 certified crypto exchange and custodian. Gemini offers various products and services, such as spot trading, margin trading, futures trading, staking, NFT marketplace, credit card, mobile app, API, and more. Gemini aims to empower individuals and institutions to build their crypto portfolio for the future of money.
Gemini supports over 100 cryptocurrencies and several fiat currencies, such as USD, GBP, EUR, SGD, AUD, and CAD. You can trade these currencies directly or indirectly on Gemini’s spot market, margin market, futures market, or staking platform.
Gemini is one of the most secure and trusted exchanges in the industry.
- It uses multiple layers of protection, such as cold storage, encryption, firewalls, audits, 2FA and more.
- It also offers a hardware security key feature via WebAuthn.
- Gemini is licensed by the New York State Department of Financial Services (NYDFS) and is also a fiduciary and Qualified Custodian.
- Gemini is the world’s first SOC 1 Type 2 and SOC 2 Type 2 certified crypto exchange and custodian, which means it undergoes regular audits and follows high standards of security and compliance.
- Gemini also maintains insurance against certain types of crypto losses from its exchange wallet and from Gemini Custody®.
Gemini charges fees for trading, depositing and withdrawing on its platform. The fees vary depending on the type of transaction, the currency pair, the volume and the user’s tier level. Gemini also offers fee discounts for high-volume traders and makers who add liquidity to the order book.
Gemini charges a fee when your order is executed (matched with another order). The fee ranges from 0% to 1% of the total cost (value) of your order and depends on the following: The currency pair that is being traded, your 30-day trading volume (in USD), whether your order is maker or taker, and whether you use the web interface, the mobile app or the ActiveTrader platform. A maker order adds liquidity to the order book and a taker order removes liquidity from the order book. Maker orders usually have lower fees than taker orders.
Gemini charges fees for depositing and withdrawing funds on its platform. The fees vary depending on the currency, the payment method, and the network conditions. Some currencies and payment methods have no fees or minimums, while others have fixed or variable fees or minimums.
Gemini also charges fees for other services, such as custody, transfer, cash payment processing, connectivity, market data, and more. The fees vary depending on the service, the currency pair, the volume, the leverage, and other factors.
You can check the fee schedule for each service, market, currency pair, and payment methods on Gemini’s website.
Gemini offers several cryptocurrency products and services. Below are listed few of those products:
Gemini Exchange with all trading tools to buy, sell and store cryptocurrencies with ease.
Crypto trading platform for more active users with more professional features like advanced charts, multiple types of orders, deeper order book visibility and quick trades execution etc. Users can switch to Gemini ActiveTrader from their profile settings.
Gemini Wallet is an insured and secure wallet that supports all the assets listed on Gemini exchange with features like cold storage, encryption, firewalls, audits, 2FA and more.
Designed for both individual and institutional customers, Gemini Custody is a great service to keep your digital assets more safer and accessible. It uses a special system that keeps your crypto offline in secure locations, which protects them from hackers and theft.
Gemini Clearing is a service that enables off-exchange or over-the-counter (OTC) crypto trades between two parties who have Gemini accounts. Gemini acts as a third party that confirms and settles the trade, reducing the risk of default or fraud. Gemini Clearing also ensures that both parties are compliant with Gemini’s KYC and AML requirements.
GUSD is an ERC-20 token that runs on the Ethereum network and can be used for various purposes such as spending, saving, trading, and paying. Gemini Dollar is one of the first regulated stablecoins in the world that maintains a 1:1 peg to U.S. dollar by having cash or cash equivalents in bank accounts that match the number of tokens in circulation. Gemini also publishes monthly attestations of its reserves by an independent accounting firm.
- Gemini supports more than 100 coins and several fiat currencies, giving you a wide choice of digital assets to trade.
- Gemini is a licensed and regulated platform that complies with anti-money laundering, capital reserve, consumer protection, and cybersecurity requirements by the New York State Department of Financial Services (NYDFS).
- Gemini offers advanced trading features such as margins, futures, options, and a dark pool for high-volume investors who want to trade anonymously.
- Gemini has high security standards and stores most of its customer funds in cold storage, meaning offline devices that are protected from hackers.
- Gemini has strong staking options that let you earn rewards for holding certain coins.
- Gemini has a complex fee structure that varies depending on the type of transaction, payment method, and location.
- Gemini has higher fees than some other crypto exchanges, especially for simple trades and debit card purchases.
- Gemini has limited options for funding your account, such as wire transfers or debit cards, which may incur additional fees or delays.
- Gemini does not offer tax support or reporting tools, which may make it difficult to keep track of your crypto transactions and liabilities.
- Gemini has poor customer service ratings and reviews and may take a long time to respond to your queries or issues.
Gemini is a crypto exchange and custodian that is licensed and regulated by various authorities in different jurisdictions.
Gemini is a New York trust company that is subject to anti-money laundering, capital reserve, consumer protection, and cybersecurity requirements by the New York State Department of Financial Services (NYDFS).
Gemini holds money transmitter licenses in several states in the United States.
Gemini also holds an E-Money License from the Financial Conduct Authority in the United Kingdom, an E-Money License from the Central Bank of Ireland, and more.
Gemini undergoes annual audits and bank examinations by NYDFS and is also SOC 1 and SOC 2 compliant.
Gemini operates as a full-reserve exchange and custodian, meaning that it holds customer funds 1:1 and does not use them for any other purposes. Gemini aims to build trust, safety, and compliance in the crypto industry by working with regulators and lawmakers.
- 12 January, 2023, the SEC charged Gemini and its partner for the unregistered offer and sale of securities through the Gemini Earn crypto asset lending program. The Securities and Exchange Commission (SEC) alleged that Gemini and Genesis raised billions of dollars from hundreds of thousands of retail investors by offering them high-interest rates on their crypto deposits without registering the program as a securities offering. The SEC also claimed that Genesis failed to honor withdrawal requests from Gemini Earn investors after experiencing liquidity issues following the collapse of FTX in November 2022. The SEC is seeking permanent injunctions, disgorgement, and civil penalties against both Gemini and Genesis, and is also investigating other entities and persons related to the alleged misconduct.
14 February, 2023, Gemini faced a criminal probe by the Manhattan US Attorney’s Office over claims that it made false or misleading statements to the CFTC in connection with the self-certification of a Bitcoin futures contract by a designated contract market (DCM) in 2017. The probe was related to the same issues that the CFTC sued Gemini for in June 2022.
02 June, 2022, the Commodity Futures Trading Commission (CFTC) charged Gemini for making false and misleading statements to the CFTC in connection with the self-certification of a Bitcoin futures contract by a designated contract market (DCM) in 2017. The CFTC alleged that Gemini misrepresented or omitted information about the trading volume and liquidity on its exchange and in its Bitcoin auction, which were used to determine the settlement price of the Bitcoin futures contract. The CFTC claimed that Gemini’s false or misleading statements violated the Commodity Exchange Act and CFTC regulations, and that the Bitcoin futures contract was susceptible to manipulation. This is one of the first legal actions taken by the CFTC against a crypto exchange for its involvement in a futures product.
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