Gemini (crypto exchange)

On October 5, 2015, the New York State Department of Financial Services (NYDFS) granted a charter under the New York Banking Law to Gemini Trust Company, LLC, a New York City bitcoin exchange founded by Cameron and Tyler Winklevoss. Gemini had applied in July 2015; as a limited purpose trust company, it could begin operating immediately under ongoing NYDFS supervision.⁠[1]

Trading was set to open on October 8, with a 25-basis-point fee charged to both buyers and sellers and bitcoin kept in multi-signature cold storage.⁠[2]

On September 10, 2018, NYDFS authorized Gemini and Paxos each to offer a stablecoin pegged to the U.S. dollar, with conditions covering anti-money laundering, anti-fraud and consumer protection. Tyler Winklevoss said the Gemini dollar combined the creditworthiness and price stability of the U.S. dollar with blockchain technology and NYDFS oversight.⁠[3]

On January 12, 2023, the Securities and Exchange Commission (SEC) charged Gemini Trust Company, alleging that Earn, a program in which customers lent crypto assets to its partner Genesis for interest, was an unregistered offering of securities.⁠[4]

Under a February 28, 2024 settlement with NYDFS, Earn users received more than $2.18 billion in digital assets, and with the remaining 3% deposited by June 21, 2024, they recovered 100% of the assets owed to them.⁠[5]

On September 12, 2025, the Class A common stock of Gemini Space Station, Inc. began trading on the Nasdaq Global Select Market under the symbol GEMI. On September 15 the company closed its initial public offering of 15,937,501 shares, including the over-allotment, at $28.00 per share.⁠[6]

In December 2025 the company launched Gemini Predictions, a CFTCCommodity Futures Trading CommissionThe U.S. Commodity Futures Trading Commission (CFTC) is an independent federal agency created by the Commodity Futures Trading Commission Act of 1974 and operating since 1975 to regulate futures, options and swaps markets; it has treated bitcoin and other virtual currencies as commodities since 2015 and has been chaired since December 22, 2025 by Michael Selig.Open the full entry-regulated prediction market offered through its affiliate Gemini Titan, LLC, which holds a Designated Contract Market (DCM) license, for eligible customers to trade binary event contracts.⁠[7]

On January 23, 2026, the SEC and Gemini filed papers agreeing to dismiss the case without any payment or other relief from Gemini. The SEC dismissed the action on January 28, and the court closed the matter.⁠[8]

On February 4, 2026, the company approved a plan to exit the United Kingdom, the European Union, other European jurisdictions and Australia, continuing to operate only in the United States and Singapore. The plan included cutting up to 200 jobs, about 25% of its global workforce, with estimated restructuring charges of about $11 million, to reduce operating expenses and support a path to profitability.⁠[9]

On February 17 the company said chief operating officer Marshall Beard, chief financial officer Dan Chen and chief legal officer Tyler Meade were leaving, and Beard also left the board. Cameron Winklevoss took over many of Beard’s duties, and chief accounting officer Danijela Stojanovic became interim chief financial officer.⁠[10]

Gemini’s total revenue for 2025 was $179.6 million, up from $142.2 million in 2024, and its net loss for the year was $582.8 million, compared with $158.5 million in 2024. Its co-founders control a majority of the voting power, making it a controlled company under Nasdaq rules.⁠[11]

On April 21, 2026, New York Attorney General Letitia James sued Gemini Titan and Coinbase Financial Markets, alleging that their prediction markets were unlicensed gambling in New York and were open to users aged 18 to 20. She sought forfeiture of illegal profits, restitution to consumers and fines of three times the profits.⁠[12]

The company removed the case to federal court the next day and said it would vigorously defend itself; the Attorney General then moved to return the case to state court.⁠[7]

On May 14, 2026, the company sold 7,142,857 Class A shares at $14.00 each, for $100 million, in a private placement to its largest stockholder, Winklevoss CapitalWinklevoss CapitalWinklevoss Capital is a family office and early-stage venture capital firm founded in New York in 2012 by brothers Cameron Winklevoss and Tyler Winklevoss. It got its start by buying large amounts of bitcoin and has since invested in companies such as Gemini, Flexport, and Crusoe Energy and in crypto networks such as Ethereum, Zcash, and Filecoin; since 2025 it has led and driven the transformation of Nasdaq-listed Leap Therapeutics into Cypherpunk Technologies, which holds Zcash as its treasury asset.Open the full entry Fund, which paid with about 1,258 bitcoin. The fund is owned and controlled by Cameron Winklevoss and Tyler Winklevoss, the company’s president and chief executive officer.⁠[13]