Crypto Exchange Gemini’s Galactic Markets Is Officially a FINRA Member
The Gemini Trust Company successfully received the approval of the Financial Industry Regulatory Authority (FINRA) yesterday.
This makes Gemini Galactic Markets a member of the independent regulatory body which allows it to operate a broker-dealer registered with the Securities and Exchange Commission (SEC).
Gemini Galactic in FINRA
Thanks to this approval, Gemini Galactic Markets, as per the announcement has become capable of operating an ATS (alternative trading system) which will be used to facilitate digital asset securities’ trading.
Founded in 2015 by the Winklevoss Twins, Gemini has grown immensely over the years. Conducting over $268 million worth of trading on a daily basis, the cryptocurrency exchange is the eleventh biggest exchange in the market today.
Along with the announcement of Gemini Galactic gaining FINRA membership, the company stated:
“Gemini is committed to proactively working with regulators to ensure our customers have as much freedom and choice as possible in accessing the digital asset ecosystem. Gemini Galactic’s broker-dealer registration is an important step in fulfilling that vision, and we’re excited to expand our offerings in lockstep with the growth and maturity of the industry.”
The company stated that the digital asset security ecosystem is yet to reach its peak. This makes Gemini Galactic a first mover and they intend on further developing this place. The announcement also said:
“Gemini Galactic will leverage the existing experience and expertise in crypto assets across the Gemini family to operate a secure and compliant trading platform and offer new products to our users.”
Not the Best Timing?
The crypto market was seeing some momentum build up in the last few days but it seems to be subsiding with the current status of the market. The strength of the active downtrend is at its peak which is certainly not a good sign for the overall market as well.
Bitcoin is presently trading at $36.4k, but even at the worst of it, the king coin is far away from touching the $30k that many feared for the last few days.