Gemini
exchangeGemini is a NYDFS-regulated New York trust company founded in 2014, insuring custodied crypto assets. It closed UK and EEA retail accounts in April 2026.
Platform Information
Founded
Headquarters
Two-Factor Authentication
An extra login step that protects your account even if your password is stolen.
Custodial
The platform holds your crypto on your behalf — you don't control the private keys.
KYC Required
Know Your Customer — you must verify your identity before trading or withdrawing.
Proof of Reserves
The platform publicly proves it holds enough assets to cover all customer funds.
Insurance
Customer funds are covered by insurance in the event of a hack or platform failure.
Supported Chains
About Gemini
Gemini is a New York-based custodial cryptocurrency exchange founded in 2014 by Cameron and Tyler Winklevoss. It operates as a regulated trust company under New York Banking Law and listed on NASDAQ in September 2025 under the ticker GEMI. Gemini positions itself primarily as a compliance-focused exchange for US customers, though it has historically served international markets.
Security
- The majority of customer crypto assets are held in offline cold storage using hardware security modules (HSMs) and multi-signature controls.
- Hot wallet crypto holdings are covered by Gemini's internal insurance program through Nakamoto, its Bermuda-licensed captive insurer; institutional custody carries up to $200 million in coverage.
- 2FA is required for all accounts; hardware security keys (YubiKey) and passkeys are supported.
- Optional withdrawal address allowlisting reduces unauthorised transfer risk.
- Third-party certifications: SOC 1 Type II, SOC 2 Type II, ISO 27001. Annual penetration testing and a coordinated bug bounty program.
- USD cash balances at partner banks may qualify for FDIC pass-through insurance up to $250,000 per depositor.
Regulation
- United States: Operates as a New York trust company and BitLicense holder under the NYDFS; money transmitter licenses in nearly all US states.
- European Union: Holds a MiCA license from the Malta Financial Services Authority (MFSA) covering all 27 EU member states (granted August 2025).
- United Kingdom: Held an FCA Electronic Money Institution (EMI) licence; ceased UK retail operations effective April 6, 2026.
- Singapore: In-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution licence.
Incident History
- Late 2022: A breach at Twilio (operator of Authy, Gemini's 2FA provider) exposed emails and phone numbers for approximately 5.7 million Gemini users. Gemini's own systems were not compromised. The leak triggered phishing campaigns against affected users.
- June 2024: A breach at a third-party ACH service provider exposed personal data for approximately 15,000 Gemini customers. Gemini's internal systems were not affected.
- 2022–2024 (Earn): Gemini Earn, a yield product routed through third-party lender Genesis Global Capital, froze in November 2022 when Genesis suspended withdrawals. Genesis filed for Chapter 11 in January 2023. By mid-2024, a settlement returned 100% of digital assets to all Earn participants; Gemini contributed $50 million to the recovery.
Security & Score
Platform Safety Score
Based on incident history, security features, and track record
Security Features
Insurance
Hot wallet crypto assets are fully insured against theft from direct security breaches or employee theft. USD deposits at partner banks (Western Alliance, Cross River, Customers Bank, State Street) may be eligible for FDIC pass-through insurance up to $250,000 per depositor. Gemini Custody carries $200 million in institutional insurance through Nakamoto, Gemini's own captive insurance company licensed by the Bermuda Monetary Authority.
Regulatory Information
Regulated In
Jurisdictions where this platform is officially licensed and subject to financial oversight.
Area Served
Countries or regions where this platform is available to users.
Notes
BitLicense holder regulated by the New York Department of Financial Services (NYDFS). SOC 2 Type II certified.
Incident History
No incidents recorded for this platform.
Frequently Asked Questions
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