Crypto Exchange Gemini Lists Bitcoin Cash with NYDFS Approval

Crypto exchange Gemini has announced that it now supports trading and custody activities for Bitcoin Cash (BCH), effective this weekend, with full trading slated to begin on Monday.

With the announcement, the exchange platform founded  by bitcoin billionaire twins Cameron and Tyler Winklevoss now supports five cryptocurrencies, namely Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Zcash (ZEC), and Bitcoin Cash (BCH).

In the announcement, Gemini specified that its Bitcoin Cash support is limited to BCH ABC under the BCH ticker. As a result, all BCH withdrawals from Gemini will only be valid on the ABC blockchain, and any funds sent to the platform over the Bitcoin SV blockchain will be invalid and irrecoverable. According to Gemini, while it will not support SV in the meantime, it is evaluating the possibility of listing SV in the future, and it reserves the right to choose to enable support for it.

Further nailing its colours to the BCH ABC mast, Gemini further said that the changes introduced by Bitcoin Cash have laid a groundwork for “further transaction throughput enhancements,” which was a major point of disagreement that led to last month’s contentious fork.

An excerpt from the announcement reads:

“We have worked closely with the New York State Department of Financial Services (NYSDFS) to obtain approval to offer Bitcoin Cash trading and custody services for our customers, and we are excited to add this cryptocurrency to the Gemini platform — the world’s most regulated cryptocurrency exchange and custodian. We are proud to provide our customers with a safe, secure, and compliant method to buy, sell, and store cryptocurrency as we build the future of money.”

In September, reported that sources close to the company indicated that it was considering applying for regulatory permission to open a crypto exchange in the UK. The following month, the company announced the hire of former International Securities Exchange COO Jeanine Hightower-Sellitto as its new Managing Director in charge of operations.

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Last modified: March 4, 2021 3:14 PM

David Hundeyin

I am a busy Nigerian writer, journalist and writer with an interest in tech and finance. When I'm not contributing to CCN and traveling around Africa, you can catch me contributing to CNN Africa, or in the writers room at 'The Other News', Nigeria's weekly answer to 'The Daily Show' with nearly 2 million viewers. My work on 'The Other News' was featured in the New Yorker Magazine, and that was then cited in the Washington Post so I'm not sure that counts as a feature but I'll definitely mention it too! I have been nominated by the US State Department to take part in the 2019 Edward R. Murrow Program for journalists under the International Visitors Leadership Program. I also like hamsters. You can reach me on Twitter at _David_Hundeyin