Tanya Abrosimova
Independent Analyst
- The company applied to FINRA for permission to trade tokenized securities.
- The process may take time due to the regulator's reluctance to approve broker-dealer operations for cryptocurrency companies.
The US-based cryptocurrency exchange owned by Winklevoss twins applied to the Financial Industry Regulatory Authority (FINRA) for a license of a broker-dealer. It will allow the company to operate as an alternative trading system and offer cryptocurrency securities on the blockchain.
Earlier, the exchange entered a partnership deal with the fintech startup Harbor that builds solutions for tokenizing real-world assets. The partnership will allow institutional investors buying securities for Gemini Dollar (GUSD), a proprietary stablecoin of Gemini exchange.
However, now the New-York-based company wants to trade the instruments from external platforms such as Harbor on its own trading platform, according to the knowledgeable sources cited by Coindesk.
However, the ambitious plans may take time to come to life as FINRA is reluctant to approve the applications for a broker-dealer license from cryptocurrency companies. Currently, about 40 such applications are waiting for the regulator's decision.
Read more about FINRA's backlog here
Meanwhile, Gemini obtained the permission of the New York Department of Financial Services (NYDFS) to provide custodial services for digital assets.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin is showing rising correlation with the S&P 500
Bitcoin and the crypto market have been in an uptrend since Wednesday following the Federal Reserve's decision to cut interest rates by 50 basis points. Bitcoin is up nearly 3% in the past 24 hours, rising briefly above the $63,000 level for the first time in three weeks.
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases
In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.
Consensys case against SEC over Ethereum dismissed by Texas court
Consensys announced dismissal of a case it filed against the SEC in April about the agency's alleged actions against Ethereum. Judge Reed O'Connor of the Northern District of Texas dismissed the case on Thursday. Consensys claims that the court failed to examine the "merits" of its claim against the SEC.
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV
Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors.
Bitcoin: On the road to $60,000
Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.