Gemini

Gemini Exchange is a U.S.-based crypto exchange and custodian known for operating with a strong emphasis on regulatory licensing, security controls, and institutional-grade custody. Founded by Cameron and Tyler Winklevoss, Gemini aims to provide compliant access to spot crypto markets, custody, and select ancillary services for retail and institutional users.

Overview

Gemini functions as a centralized trading venue where customers can buy and sell digital assets, manage balances through web and mobile interfaces, and access higher-performance trading through professional tooling.

In addition to exchange services, Gemini has built a custody offering for institutions and has issued a U.S. dollar-backed stablecoin used in both centralized and on-chain environments.

History and Background

Gemini was founded in 2014 and is headquartered in New York. A key milestone came in 2015, when Gemini Trust Company, LLC received a trust charter from the New York State Department of Financial Services (NYDFS), placing the firm under a regulatory framework that resembles elements of traditional financial oversight.

Gemini’s market narrative expanded in 2025 as the company moved toward public markets. CryptoSlate covered Gemini’s IPO-related disclosures, including its IPO filing details, and later tracked its Nasdaq debut under the symbol GEMI.

Core Products and Services

• Spot trading: A retail-oriented brokerage experience alongside more advanced execution options for active traders.
• Active trading and APIs: Professional order types and programmatic access intended for automation and higher-volume workflows.
• Institutional custody: Custody services designed for organizations that need controls, reporting, and operational processes for holding crypto.
• Stablecoin issuance: Gemini Dollar (GUSD), a U.S. dollar-pegged stablecoin associated with Gemini’s regulated footprint.

Technology and Security

Gemini has consistently marketed security and governance as differentiators. Common elements associated with the platform include cold storage practices for a portion of assets, access controls, and operational procedures intended to reduce insider and external threat exposure. Gemini has also pointed to third-party examinations and attestations, including SOC examinations for exchange and custody operations, as part of its effort to meet institutional compliance expectations.

Regulatory Posture and Notable Proceedings

Gemini’s NYDFS trust charter and compliance posture influence product availability, identity verification requirements, and the jurisdictions it can serve. The firm has also been involved in significant legal and regulatory matters that have shaped perceptions of risk in centralized crypto services.

One major episode was the collapse of the Gemini Earn program, a yield product that exposed users to third-party credit risk. CryptoSlate tracked Earn-related developments, including court and settlement activity tied to its lending counterparties, such as a reported multi-billion-dollar settlement proposal, the NYAG’s settlement process for impacted users, and the exchange’s ongoing efforts to resolve a separate SEC Earn-related case.

Separately, Gemini has faced derivatives-related scrutiny. CryptoSlate reported on Gemini’s CFTC settlement tied to allegations about disclosures made during earlier efforts to support a U.S.-regulated Bitcoin futures product.

Market Position and Use Cases

Gemini is often positioned as an option for U.S. users who want a regulated exchange counterparty for fiat on-ramps, spot trading, and custody. For institutions, Gemini’s custody and compliance orientation can support treasury operations and execution workflows, particularly where internal policies require regulated service providers and documented controls.

Gemini’s public-market profile also highlights how exchange business models can be sensitive to trading volume cycles, fee competition, and regulatory costs. CryptoSlate’s coverage of Gemini’s IPO arc, including its IPO pricing updates, reflects the degree to which legal overhangs and product strategy can influence investor sentiment.

Risks and Considerations

• Product and counterparty risk: Yield and lending-style products can introduce third-party credit exposure that may not be obvious to end users.
• Regulatory change: Shifts in U.S. guidance for staking, lending, and derivatives can affect services, listings, and compliance costs.
• Liquidity variance: Execution quality depends on market depth and market maker participation, which can differ by asset pair.
• Centralized custody reliance: Users depend on the platform’s operational security, governance, and incident response.