Gemini: licences, security, fees and reviews

Centralized exchange

In short

Legal entity: Gemini Trust Company, LLC (New York trust company); most US accounts with Gemini Moonbase, LLC (Florida)
Fees: Spot maker: 0.60% on ActiveTrader at the entry tier (schedule dated 1 September 2026), falling with 30-day volume or asset balance
Risks and caveats: Earn customers lost access to assets when lender Genesis defaulted in November 2022; NYDFS fined Gemini $37 million in 2024, and Gemini reported most assets returned in kind in May 2024; Gemini's Earn page later stated that with the final distribution Earn users received 100% of the assets owed to them in kind.
Checked: 28 October 2026

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Key facts

Type: Centralized exchange
Exchange launched: 2015
Country of registration: United States
Operator: Gemini Trust Company, LLC / Gemini Moonbase, LLC
Official site: gemini.com

Key facts checked on 28 October 2026 against official sources and regulator registers.

What is Gemini

Gemini is a centralised cryptocurrency exchange and custodian founded in 2014 by Cameron and Tyler Winklevoss; the exchange launched in the United States in 2015. Its original operating company, Gemini Trust Company, LLC, is a New York limited purpose trust company, and the group parent Gemini Space Station, Inc. is listed on Nasdaq (GEMI). Gemini offers spot trading, custody, staking, a credit card, US prediction markets and, outside the US, perpetual derivatives.

Good to know

Gemini closed all customer accounts in the UK, the European Economic Area and Australia on 6 April 2026, after announcing in February 2026 that it would focus on the United States. ↗
The EU (Malta MiCA) authorisation of Gemini Intergalactic EU Ltd and the UK (FCA) registration of Gemini Intergalactic UK, Ltd (FRN 921817) were still listed on the regulators' registers on 28 October 2026, although those accounts have been closed. ↗
Since May 2025 most US customers hold their accounts with Gemini Moonbase, LLC, a Florida-based money transmitter. Gemini Trust Company still serves residents of some states, including New York, and some institutional clients. ↗
Perpetuals are offered only in listed non-US countries (in Brazil and New Zealand only to institutional clients) and not while physically in the US. US customers get prediction markets via Gemini Titan, a CFTC-designated contract market. ↗
Gemini calls itself a full-reserve exchange holding customer funds 1:1, but it publishes no proof-of-reserves report. It lists audited financial statements and SOC 1/SOC 2 exams instead. ↗
Singapore accounts moved to Gemini Digital Payments Singapore on 2 April 2025, when that company held In-Principle Approval from MAS; Gemini announced on 8 September 2026 that MAS had granted it a Major Payment Institution licence, and MAS lists it as one. Under MAS rules, staking there is open only to accredited and institutional investors. ↗
In the simple Gemini app mode, fees vary by order and a spread is built into the quoted price; the published maker/taker tiers apply only to ActiveTrader and the API. ↗
The contracting company depends on residence: US residents of Idaho, Louisiana, New York, Ohio and Texas are on Gemini Trust Company terms, other states on Gemini Moonbase; outside the UK, EEA, Australia and Singapore it is Gemini Trust Company. ↗
Not every state licence covers crypto: Gemini Trust Company's Tennessee money transmitter licence and surety bond do not cover virtual currency, and in Hawaii it is listed as a Digital Currency Innovation Lab participant, not a licensee. ↗
Gemini Custody stays with Gemini Trust Company even for customers moved to Moonbase, and asset options differ by entity: for example, USDT and BNB card rewards are offered only on Moonbase accounts. ↗

Services

Services — Gemini
Parameter	Details
Spot trading	Spot exchange with a simple mode and ActiveTrader
Derivatives	Perpetual futures for customers in listed non-US countries; US prediction markets via Gemini Titan (CFTC-designated contract market)
Staking / Earn	Staking
Custody / wallet	Gemini Custody for institutional clients
Card	Gemini Credit Card with crypto rewards (US)
Fiat deposits	ACH and wire deposits are free; debit card 3.49%, PayPal 2.50%

Licences and registrations

Licences and registrations — Gemini
Jurisdiction	Entity	Licence / registration	Regulator
United States (New York)	Gemini Trust Company, LLC	Limited purpose trust company, chartered 2015; NMLS #1518126; fiduciary and qualified custodian	New York State Department of Financial Services
United States (other states)	Gemini Moonbase, LLC	State money transmitter licences (NMLS #2403509); FinCEN-registered money services business	State financial regulators; FinCEN
United States	Gemini Titan, LLC	Designated contract market, designated 10 December 2025 (prediction markets)	Commodity Futures Trading Commission
United States	Gemini Olympus, LLC	Derivatives clearing organization, registered 29 April 2026	Commodity Futures Trading Commission
Singapore	Gemini Digital Payments Singapore, Pte. Ltd.	Major Payment Institution licence (digital payment token service; cross-border money transfer service); grant announced by Gemini on 8 September 2026	Monetary Authority of Singapore
European Union	Gemini Intergalactic EU Ltd	MiCA crypto-asset service provider, authorised 21 August 2025; EEA accounts closed 6 April 2026	Malta Financial Services Authority (MFSA)
European Union (Ireland)	Gemini Payments Europe Limited	E-money institution (ref. C432664); EEA accounts closed 6 April 2026	Central Bank of Ireland
United Kingdom	Gemini Intergalactic UK, Ltd	Registered cryptoasset firm under the Money Laundering Regulations since 19 August 2020 (FRN 921817); UK accounts closed 6 April 2026	Financial Conduct Authority
United States	Gemini Trust Company, LLC (dba Gemini Exchange, LLC)	Money services business registration; latest filing received 22 December 2025 (FinCEN register)	Financial Crimes Enforcement Network (FinCEN)
United States	Gemini Galactic Markets, LLC	FINRA broker-dealer (as stated by Gemini)	FINRA
European Union (Germany)	Gemini Intergalactic EU Ltd	Listed as a cross-border MiCA crypto-asset service provider (Art. 65 MiCAR) from 21 August 2025 (BaFin database, data as of 27 October 2026)	BaFin register; home supervisor MFSA
European Union	Gemini Intergalactic EU Artemis, Ltd	Investment firm under MiFID II for perpetuals and tokenised stocks (as stated by Gemini); EEA accounts closed 6 April 2026	Malta Financial Services Authority (MFSA)
United Kingdom	Gemini Payments UK, Ltd	Electronic money institution, FCA register no. 900988 (as stated by Gemini); UK accounts closed 6 April 2026	Financial Conduct Authority
Australia	Gemini Intergalactic Australia, Pty Ltd	Digital currency exchange registration with AUSTRAC (as stated by Gemini); Australian accounts closed 6 April 2026	AUSTRAC

Status in the United States and the United Kingdom

FinCEN’s Money Services Business registrant list (checked 28 October 2026) includes Gemini Trust Company, LLC, doing business as Gemini Exchange, LLC, at a New York address, and the group’s Miami-based Gemini Moonbase, LLC; for both, the latest filing shown was received on 22 December 2025. FinCEN MSB Registrant Search
Gemini Intergalactic UK, Ltd (FCA reference 921817) has been registered for cryptoasset activities under the Money Laundering Regulations since 19 August 2020; the Financial Ombudsman Service and the FSCS do not cover it. UK accounts closed on 6 April 2026; it was still listed on 28.10.2026. FCA Financial Services Register
On 28 February 2024 the New York Department of Financial Services announced a settlement under which Gemini Trust Company, LLC committed to return at least $1.1 billion to Gemini Earn customers through the Genesis Global Capital bankruptcy and agreed to pay a $37 million fine. NYDFS, press release, 28 February 2024
On 13 January 2025 the CFTC announced that a federal court in Manhattan had entered a consent order against Gemini Trust Company LLC over false or misleading statements to the Commission in 2017, linked to a bitcoin futures contract; the order carries a $5 million civil penalty. CFTC, release 9031-25

Checked on 28 October 2026 against regulator registers and the text of the law.

Security and audits

Gemini lists SOC 1 Type 2 and SOC 2 Type 2 exams by Deloitte (latest 1 October 2024 to 30 September 2025), ISO/IEC 27001:2022 certification and PCI DSS compliance for card data.
Gemini's notice for EEA and UK customers says most assets sit in offline cold storage and a small part in a hot wallet; staking keys are managed in-house, and Gemini says it sends no customer crypto to third parties.
Hot-wallet crypto is insured against certain losses, within limits; a Custody article last edited in June 2023 cites $75 million of cold-wallet cover via Nakamoto, Ltd. Since October 2026 new Custody accounts use MPC.
US dollars may be held at Western Alliance Bank, Cross River Bank, Customers Bank and State Street Bank and may be eligible for FDIC pass-through insurance; NYDFS requires capital above customer deposits.
Two-factor authentication is required by default, with hardware security keys and address allowlisting; Gemini offers no phone support and emails only from addresses ending in .gemini.com.

Fees

Fees — Gemini
Parameter	Details
Spot maker	0.60% on ActiveTrader at the entry tier (schedule dated 1 September 2026), falling with 30-day volume or asset balance
Spot taker	1.20% on ActiveTrader at the entry tier
Futures maker	0.02% at the entry tier for perpetuals
Futures taker	0.07% at the entry tier for perpetuals
Deposits	Crypto deposits, ACH and wires free; debit card 3.49%
Withdrawals	Crypto: dynamic fee based on network costs; USD wire $25; ACH free
Stablecoin pairs	0% maker and taker on RLUSD/USD, USDC/GUSD and GUSD/USD; other stablecoin pairs 0% maker, 0.01% taker
Margin interest	USD loans 0.003% per hour (26.3% APR), charged hourly on open orders and positions
Liquidation	0.5% on executed liquidation orders
Debit card purchases	Instant and recurring purchases by debit card are limited to $1,000; the limit refreshes every 24 hours

Who can use it

Verification: Identity verification requires a valid government-issued photo ID and a selfie (biometric face scan).
Not available in the UK, the EEA or Australia since 6 April 2026. Gemini's own pages give different country counts (Trust Center: 41 operational; Areas of Availability: 50+). Perpetuals are offered only in listed non-US countries and not to US persons.

History

History — Gemini
Date	Event
2014	Cameron and Tyler Winklevoss found Gemini.
2015	The Gemini exchange launches in the United States; Gemini Trust Company is chartered by NYDFS the same year.
10 September 2018	Gemini launches the Gemini dollar (GUSD), a US dollar stablecoin issued by its New York trust company.
November 2022	Genesis Global Capital, the lender behind Gemini Earn, defaults on about $1 billion of Earn loans.
October 2023	The New York Attorney General files a lawsuit against Gemini over its Earn programme.
28 February 2024	NYDFS settlement: Gemini commits to return at least $1.1 billion to Earn customers and pays a $37 million penalty.
14 June 2024	New York Attorney General settlement: about $50 million for Earn investors and a ban on crypto lending programmes in New York.
13 January 2025	The CFTC announces that a US federal court (S.D.N.Y.) has entered a consent order requiring Gemini Trust to pay a $5 million civil penalty over statements made in 2017.
September 2025	Gemini becomes a publicly traded company after an IPO on Nasdaq.
10 December 2025	Gemini Titan, LLC is designated by the CFTC as a contract market; Gemini says this enabled it to launch its US prediction markets the same month.
6 April 2026	Gemini closes all customer accounts in the UK, the EEA and Australia.
29 April 2026	Gemini Olympus, LLC is registered with the CFTC as a derivatives clearing organization.

Risks and caveats

Earn customers lost access to assets when lender Genesis defaulted in November 2022; NYDFS fined Gemini $37 million in 2024, and Gemini reported most assets returned in kind in May 2024; Gemini's Earn page later stated that with the final distribution Earn users received 100% of the assets owed to them in kind.
A CFTC consent order of January 2025 found Gemini made false or misleading statements to the regulator and imposed a $5 million penalty.
In April 2026 the New York Attorney General sued Gemini Titan, alleging its prediction markets are unlicensed gambling in New York; these are allegations, not court findings.
Gemini's insurance page describes possible FDIC pass-through insurance for US dollar balances and limited insurance for crypto in its hot wallet; for former EEA customers it stated that crypto was not covered by the Irish or Maltese investor compensation scheme.
Staked assets may be locked and cannot be sold or withdrawn during that time, and validators can be slashed; Figment runs SOL and ETH validators for Gemini's retail staking.
On Gemini Derivatives, when the insurance fund can no longer take liquidated positions, auto-deleveraging closes profitable traders' positions against them.

About the company

Legal entity: Gemini Trust Company, LLC (New York trust company); most US accounts with Gemini Moonbase, LLC (Florida)
Parent company: Gemini Space Station, Inc. (Nasdaq: GEMI)
Founders: Cameron Winklevoss and Tyler Winklevoss
Founded: Company founded 2014; exchange launched 2015
CEO: Tyler Winklevoss
President: Cameron Winklevoss
Own token: Gemini dollar (GUSD), a US dollar stablecoin issued by Gemini Trust Company since 10 September 2018
Singapore entities: Gemini Digital Payments Singapore (spot), Gemini Artemis Pte. Ltd. (derivatives), Gemini Voyager Pte. Ltd. (OTC derivatives)
Credit card issuer: Gemini-branded credit cards are issued by WebBank
Formerly (EEA company): Gemini Intergalactic Europe Limited (Ireland); its French registration lapsed on 2 July 2026 at the end of the MiCA transitional period

Official links

Website: www.gemini.com
Fees: www.gemini.com/fees
Licences: www.gemini.com/trust-center
Terms of use: www.gemini.com/legal/user-agreement
Security: www.gemini.com/security
Blog: www.gemini.com/blog

Questions and answers

Is Gemini regulated?

Yes. Gemini Trust Company is a New York limited purpose trust company chartered by NYDFS in 2015, Gemini Moonbase holds US state money transmitter licences, and Gemini Titan is a CFTC-designated contract market.

Does Gemini publish proof of reserves?

No. Gemini describes itself as a full-reserve exchange and lists audited financial statements and SOC 1/SOC 2 exams, but publishes no proof-of-reserves report.

What are Gemini's fees?

On ActiveTrader the entry tier is 0.60% maker and 1.20% taker for spot, falling with 30-day volume or asset balance; perpetuals start at 0.02% maker and 0.07% taker. The simple app mode adds a spread.

Who owns Gemini?

Gemini was founded by Cameron and Tyler Winklevoss, who lead it as President and CEO. The parent company, Gemini Space Station, Inc., is listed on Nasdaq (GEMI).

Is Gemini available in the US and the EU?

It is available in the US, but perpetual derivatives are not offered there. Gemini closed all UK, EEA and Australian accounts on 6 April 2026.

Which Gemini company holds my account?

In the US it depends on the state: residents of Idaho, Louisiana, New York, Ohio and Texas are on Gemini Trust Company terms, other states on Gemini Moonbase. Singapore accounts are with Gemini Digital Payments Singapore.

Has Gemini faced enforcement actions?

Yes. In 2024 NYDFS fined Gemini $37 million and the New York Attorney General settled its Earn case for about $50 million; a CFTC consent order of January 2025 imposed a $5 million penalty. In April 2026 the New York Attorney General sued Gemini Titan over its prediction markets.

Does Gemini offer derivatives?

Perpetuals are offered only in listed non-US countries and not to US persons; in Brazil and New Zealand only to institutional clients. In the US, Gemini Titan runs prediction markets as a CFTC-designated contract market.

Sources

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Page updated: 2026-11-04