Gemini exchange gets trust license

New York State Department of Financial Services grants Gemini Trust Co. , the Winklevosses Bitcoin exchange, a limited liability trust charter, holding it to the regulatory standards of a trust bank and allowing it to operate as a regulated financial-services institution. The trust charter is from a state institution, but in practice gives Gemini the ability to take deposits from any customers and operate in all 50 U.S. states. DFS:

We are continuing to move forward on licensing and chartering virtual currency firms. Smart, targeted regulation that helps protect consumers and prevent illicit activity is vital to the long-term future of this industry.