The cryptocurrency exchange run by the famous crypto twins Winklevoss – Gemini – reportedly filed an application for a broker-dealer license with the Financial Industry Regulatory Authority
According to CoinDesk reports, the company spokesperson stated Gemini targets the status of an alternative trading service that enables users to trade digital securities. The company must obtain this license at first and only then the approval for the alternative trading service will become more real to win.
The source in the know shared that the exchange intends to integrate securities from external platforms, including Harbor. Still, it may take some time to receive a green light from the regulatory authorities.
For reference, Gemini entered into a partnership with Harbor in attempt to tokenize securities. As a result, the latter offers institutional clients to purchase securities via Gemini Dollar.
After that, the company management decided to launch similar trading at its own exchange.
At the same time, the license can be a real challenge since the regulator (FINRA) hardly rush to approve broker-dealer applications from the companies in the cryptocurrency market. There are rumours that it has already received about 40 applications. The determination period can even exceed one year.
Back in 2018, the exchange received BitLicense in the New York State.