Gemini cryptocurrency exchange opens in Australia
Australian users can now download the Gemini app and shop on "the regulated cryptocurrency exchange".
Gemini is opening its digital doors in Australia, and Australian customers can now buy and hold Bitcoin, Bitcoin Cash, Ether, Zcash and Litecoin.
"Cryptocurrency is the future of money, and we're committed to building a bridge to that future in Australia," said Tyler Winklevoss, co-founder and CEO at Gemini. "We are thrilled to continue expanding our global footprint and give Aussies a safe and trustworthy cryptocurrency experience. We founded Gemini to build trust in this nascent technology and we look forward to building that trust in Australia."
Gemini's fees are higher than you'll find on some existing Australian exchanges. According to its website the lowest the transaction fee can get is 1.49%, and it then charges a spread, which it calls a "convenience fee" of 0.5% on top of that.
By contrast, Australian exchanges like CoinSpot and CoinJar offer a much wider range of cryptocurrencies with fees roughly from 0.1% to 1%.
What it can offer is its branding as "the regulated cryptocurrency exchange". That said, crypto exchanges in Australia are also regulated. They are required to be AUSTRAC-registered, and different cryptocurrencies may be subject to certain restrictions under ASIC regulations.
Gemini may go further though.
It was the first cryptocurrency exchange and custodian in the world to complete the SOC 2 Type 1 examination, which demonstrates a level of security compliance in protecting user data and funds. It's also subject to the capital reserve requirements, cybersecurity requirements and banking compliance standards laid out by the New York Department of Financial Services, and New York banking law.
While it's still widely regarded as being safer to hold one's own funds than entrust them to an exchange, Gemini's standards suggest it may be angled as more of an actual cryptocurrency custodian than other exchanges.
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Disclosure: The author holds BNB, BTC at the time of writing.
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