Gemini Applying for FINRA License

Cryptocurrency exchange Gemini is applying to become a broker-dealer under the Financial Industry Regulatory Authority (FINRA), according to a new report by Coindesk.

The exchange is already regulated by the New York Department of Financial Services (NYDFS).

But a license from the NYDFS license only allows the company to provide custodial services to firms dealing in digital assets.

Conversely, regulatory approval from FINRA would allow the exchange operator to start acting as a venue for trading in securities.

According to Coindesk, the firm wants to start allowing firms to trade and list digitized securities on its exchange.

Past experience

The company has already worked with Harbor, a platform for tokenized securities trading.

That deal enables Harbor's clients to buy securities with GUSD - Gemini's dollar-pegged Stablecoin . It also means users can receive dividends from those securities in GUSD.

Getting approval from FINRA, however, is likely to be trickier than it was to set up a deal with Harbor.

The financial regulator is extremely slow in granting licenses to cryptocurrency firms, with some waiting over a year for a response.

Currently, the financial watchdog is thought to be sitting on around 40 applications for licensing from cryptocurrency firms.

Based in New York, Gemini is run by Cameron and Tyler Winklevoss - two brothers who are famous for having successfully sued Facebook and are thought to have been amongst the first Bitcoin billionaires.