Gemini Review + Referral
Table of Contents
Gemini Trust Company, LLC is a cryptocurrency exchange and custodian that allows customers to buy, sell, and store digital assets. It is a New York trust company that is regulated by the New York State Department of Financial Services and was founded in 2014 by Cameron and Tyler Winklevoss.
- Gemini raised $400 million in a round of funding that values the company at $7.1 billion. [Nov 2021]
- led by Morgan Creek Digital with participation from the Commonwealth Bank of Australia and other investors.
- custodies more than $30 billion in crypto assets [Nov 2021]
- over $3B in assets in Gemini Earn [Oct 2021]
- announced to downsize workforce by 10% [Jun 2022]
- Commodity Futures Trading Commission (CFTC) sued Gemini Trust Company [Jun 2022]
- alleges the crypto exchange’s staff misled the federal regulator during Gemini’s 2017 effort to launch trading of what would have been a landmark Bitcoin (BTC) futures contract
Presence in Singapore
- Entity: Gemini Digital Payments Pte Ltd, an affiliate of GEMINI TRUST COMPANY, LLC
Regulation by Monetary Authority of Singapore (MAS)
Gemini will be implementing changes to meet regulatory obligations as defined by the Payment Services Act (2019).
- Digital Asset withdrawals will only be permitted to previously approved addresses with effect from 1 March 2022.
- Off platform wallet addresses should be controlled by you, and pre-approval of any address will require attestation that you control the identified wallet.
- A 7-day waiting period will be in effect when changing or adding a new address to your list of approved wallets.
- Inclusion of wallet information for inbound digital asset transfer at a future date.
- you will be required to provide information about the sending wallet address and to briefly describe the purpose of the transfer.
Gemini dollar (GUSD) Stablecoin
Gemini dollar (GUSD) is a 1:1 USD-backed stablecoin, always convertible to exactly $1 at Gemini.
It is the first regulated stablecoin in the world. Gemini began issuing Gemini Dollars (GUSD) on September 9, 2018
- direct supervision and regulatory oversight by the New York State Department of Financial Services (NYDFS).
- reserves backing GUSD are held in accounts with State Street Bank and Trust, Signature Bank, and Goldman Sachs Asset Management in the USA.
- reserve balance is examined monthly by BPM LLP, an independent registered public accounting firm, to verify GUSD’s 1:1 backing. Their monthly attestations are available here.
Platform users can purchase GUSD and earn interest on them via Gemini Earn®.
Gemini Earn® is a lending program through which you may choose to lend your crypto to certain institutional borrowers and earn interest on your crypto.
- Redeem and move your cryptocurrency back to your trading account (plus interest) at any time!
- Interest is paid out and compounded daily
- No minimum deposit required
✔️ Unique Selling Proposition (USP)
Enjoy 10 fee-free withdrawals every month (terminated from 15 Jun 2022 onwards)
Gemini offers 10 free crypto withdrawals per month.
Free direct funding of SGD from your bank account
Gemini offers free direct deposits for Singapore Dollars (SGD) from bank accounts. All users need to do is to manually link their bank account to their Gemini wallet, and they can immediately start transferring funds to and from their Gemini wallet.
This is unlike many other exchanges that work with a third party payments platform which requires users to pay upwards of 0.55% for every deposit made.
Please note that some first-time FAST transfers may take up to 48hrs to get credited while mandatory verifications are being conducted.
Gemini’s insurance coverage safeguards your digital assets in your hot wallet against theft that results from a security breach or hack, a fraudulent transfer, or employee theft. See the Digital Asset Insurance section of the User Agreement for more information.
Offline cold storage of funds
The majority of your crypto is held in offline, air-gapped Cold Storage system. Only a small portion is held in the online Hot Wallet, which is insured.
Regulated, licensed, and audited
World’s first SOC 1 Type 2 and SOC 2 Type 2 compliant crypto exchange and custodian.
Storing your crypto with Gemini ensures that your assets are held in a state-of-the-art storage system that has been built by world-class security engineers and experts. Gemini is SOC 1 Type 2 and SOC 2 Type 2 compliant.
Sign up conveniently with SingPass MyInfo
Singapore residents can use SingPass to facilitate opening a Gemini account. After a successful MyInfo integration, Singapore residents can now simply log in to SingPass to auto-fill Gemini’s account registration forms.
What is SingPass MyInfo?
MyInfo is a digital data initiative developed by the Government Technology Agency of Singapore (GovTech), to facilitate online transactions, and SingPass serves as a gateway to funnel user information stored with MyInfo.
7-day waiting period when adding wallets to withdrawal whitelist
From 1 March 2022, there will be a 7-day waiting period when changing or adding a new address to the list of approved wallets for withdrawals. Crypto.com which has a similar mechanism to prevent unauthorized draining of account assets, requires a waiting period of 24 hours which is much shorter by comparison.
Termination of 10 FREE monthly withdrawals feature
Effective Wednesday, 15 June 2022, crypto withdrawals from the Gemini platform (ie. when you send crypto to an external wallet or to another exchange) will be subject to a dynamic or flat fee.
Dynamic fees will apply to withdrawals of ETH and ERC-20 tokens (except Gemini dollar (GUSD)). The dynamic fee will correspond to Ethereum gas fees, which vary based on network activity.
Any crypto withdrawal from the Gemini platform that’s not ETH or an ERC-20 token will instead incur a flat fee. The flat fees for non-Ethereum crypto withdrawals can be found here.
Prior to this change, Gemini used to offer 10 FREE withdrawals monthly for users, which was a major attraction to crypto investors.