Gemini (cryptocurrency exchange)
| Company type | Public |
|---|---|
| Industry | Cryptocurrency exchange and custodian bank |
| Founded | 2014 |
| Founder | Cameron Winklevoss, Tyler Winklevoss |
| Headquarters | New York City , United States |
Area served | United States, Europe (including Malta, France) |
Key people | Cameron Winklevoss, Tyler Winklevoss |
| Products | Cryptocurrency exchange, custody services, Gemini dollar (GUSD), NFT marketplace (Nifty Gateway), Gemini Earn (defunct) |
| Parent | Gemini Space Station, LLC |
| Website | gemini |
Gemini Space Station Inc. (commonly known as Gemini) is a U.S.-based cryptocurrency exchange and custodian bank established in 2014 by brothers Cameron and Tyler Winklevoss.
Inception
The Winklevoss twins introduced Gemini in June 2013, with the platform officially launching on October 25, 2015. Gemini enables users to buy and securely store Bitcoin through private key management within protected environments. It operates under a Limited Purpose Trust Charter issued by the New York State Department of Financial Services in October 2015. The service later broadened its offerings to include support for FIX protocols and API integration.
On May 5, 2016, New York Governor Andrew Cuomo authorized Gemini as the United States’ first licensed Ethereum exchange. Subsequently that year, Gemini permitted withdrawals of Ethereum Classic (ETC) following Ethereum’s network hard fork.
Growth and Innovations
In October 2017, Gemini allowed users who held Bitcoin balances prior to the August 2017 Bitcoin fork to withdraw Bitcoin Cash.
By December 2017, the Chicago Board Options Exchange (CBOE) adopted Gemini’s dollar-denominated auction price to settle Bitcoin futures contracts; however, CBOE discontinued its Bitcoin futures listings in March 2019.
April 2018 saw the introduction of Gemini’s "Block Trading" feature, facilitating large-volume digital asset transactions outside of continuous order books to improve liquidity for substantial trades. During the same month, Gemini integrated NASDAQ’s SMARTS surveillance technology to detect fraudulent activities and price manipulation. In May 2018, the New York Department of Financial Services (NYDFS) authorized Gemini to list Zcash (ZEC), making it the first licensed exchange offering trading and custody for this cryptocurrency.
On September 10, 2018, NYDFS granted regulatory approval for the launch of the Gemini dollar (GUSD), a stablecoin pegged one-to-one with the U.S. dollar. By October 3, 2018, Gemini secured insurance coverage for digital assets held on its platform; this policy was arranged by Aon and backed by an international insurance consortium.
In November 2019, Gemini Trust Co. acquired Nifty Gateway, an NFT marketplace focused on custody services for diverse digital assets such as property deeds, passports, collectibles, video game characters, films, music, and event tickets.
A collaboration with Samsung was announced in May 2020, allowing users of Samsung smartphones to connect their Blockchain Wallets directly with Gemini accounts for balance monitoring and cryptocurrency transfers.
February 2021 marked the launch of Gemini Earn in partnership with cryptocurrency broker Genesis, offering customers an annualized yield of 7.4% on deposited funds.
By November 2021, Gemini secured $400 million in funding rounds, valuing its parent entity, Gemini Space Station, LLC, at $7.1 billion.
Regulatory Challenges and Global Expansion
On June 2, 2022, the Commodity Futures Trading Commission (CFTC) filed charges against Gemini alleging misrepresentation related to exchange and futures contracts during meetings held in 2017. The complaint sought to prohibit Gemini and its affiliates from engaging in commodity trading or raising further investments while imposing financial penalties. On the same day, founders Cameron and Tyler Winklevoss announced a workforce reduction of 10%, attributing it to a downturn described as a "crypto winter."
On January 12, 2023, the Securities and Exchange Commission accused Gemini Trust Company of selling unregistered securities via the Gemini Earn crypto lending program. The SEC also charged Genesis Global Capital, a subsidiary of Digital Currency Group, which managed approximately $900 million from around 340,000 Gemini Earn clients. Following Genesis’ suspension of withdrawals in November 2022, Gemini Earn ceased operations in January 2023. The SEC is pursuing permanent injunctions along with disgorgement and civil penalties against both entities.
On February 6, 2023, Genesis Global Holdco announced a restructuring agreement involving Digital Currency Group and creditors including Gemini. As part of this arrangement, Gemini pledged up to $100 million in cash toward recovery efforts.
In May 2023, Gemini designated Dublin, Ireland as its European headquarters but relocated it to Malta by January 2025 due to regulatory discrepancies. Additionally, in January 2024, Gemini obtained cryptocurrency registration in France authorizing operations within that jurisdiction.
By January 2025, Gemini resolved its dispute with the CFTC by agreeing to pay $5 million related to allegations of deceptive statements concerning bitcoin futures price manipulation dating back over seven years. This settlement closed out the CFTC’s lawsuit initiated in 2022 accusing Gemini of regulatory misrepresentation.
2023 New York Litigation
On October 19, 2023, New York Attorney General Letitia James initiated legal action against Gemini, Digital Currency Group, and Genesis Global Capital. The lawsuit focused on Gemini Earn, a program that promised investors substantial interest returns, accusing Gemini of providing misleading information regarding the risks associated with a lending service managed in conjunction with Genesis. According to James, approximately 230,000 participants suffered financial losses through this program, with a demand for more than $3 billion in restitution from both Gemini and Genesis.
Following Genesis's bankruptcy declaration, a settlement was reached in February 2024 whereby Genesis agreed to return assets to affected investors and pay $21 million to the SEC. This agreement was officially completed in March 2024.
Subsequently, on March 1, 2024, Gemini consented to reimburse users of its suspended Earn program at least $1.1 billion and accept a $37 million penalty. This resolution with the New York Department of Financial Services addressed claims concerning risky business practices linked to its collaboration with the insolvent Genesis Global Capital.
2025 Gemini Nasdaq Listing Application
On August 16, 2025, Gemini submitted its S-1 registration statement to the U.S. Securities and Exchange Commission (SEC), signaling its plan to become publicly traded on the Nasdaq Global Select Market under the ticker symbol GEMI.
Five days later, on August 21, 2025, Gemini revealed it had secured a Markets in Crypto-Assets (MiCA) license from the Malta Financial Services Authority (MFSA), enabling operations throughout all 27 European Union member countries. This regulatory clearance broadens Gemini’s compliance reach within Europe and supports its upcoming public offering on Nasdaq.
Trading commenced on September 12, 2025, on the Nasdaq Global Select Market under the symbol GEMI. The initial public offering was priced at $28 per share, with shares opening at $37.01, resulting in an estimated company valuation near $3.3 billion.
Service Interruptions
Gemini has encountered difficulties maintaining consistent uptime during periods of exceptionally heavy user demand—a common challenge among cryptocurrency exchanges. For example, on November 28, 2017, both Gemini and Coinbase experienced outages lasting several hours; Gemini users encountered "504 gateway time-out" errors alongside reduced system responsiveness.
In response to these incidents, Gemini acknowledged the scalability issues and pledged to enhance its infrastructure and monitoring systems to better predict and manage similar challenges in the future.