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Cryptocurrencies

Gemini to apply for broker-dealer license

Wednesday 3 July 2019 | 12:01 PM CET

Gemini, the Winklevoss-owned cryptocurrency exchange, will apply for a broker-dealer license from the Financial Industry Regulatory Authority (FINRA), CoinDesk has learned.

The crypto exchange aims to become an approved Alternative Trading System, where customers can lawfully swap digital securities and has partnered with the tokenized securities platform Harbor. A source with knowledge of Gemini’s operations told CoinDesk the plan is to permit securities from external platforms such as Harbor to eventually trade on Gemini. However, winning the necessary approvals may take time.

So far, FINRA appeared reticent to approve broker-dealer applications by companies interacting with cryptocurrencies, even as security tokens. The self-regulatory organization is reportedly sitting on roughly 40 applications for these approvals, with companies waiting as long as 14 months. Gemini is already a qualified on a state-level to custody digital assets, an approval the company received in 2015 through the New York Department of Financial Services (NYDFS).

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