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wilslaw

Litecoin Trading with New York Watchdog Approval added by Gemini

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Gemini (crypto exchange founded by the Winklevoss brothers), will soon enable investors to carry out Litecoin trading.

On Friday, the exchange announced that deposits as well as trading for Litecoin will soon be enabled on its platform. Eric Winer, Vice president of engineering at the firm, in a blog post wrote that the move is coming as part of the efforts of the exchange to support "the future of money" by providing "a safe and regulated environment for both innovation and consumer protection."

 

The New York State Department of Financial Services (NYDFS) has approved the listing. He said, noting that Gemini, under the regulator’s watch is "held to the highest standards of banking compliance and fiduciary obligations". A “security-first” approach has been taken by Gemini and has been working hand in hand with the NYDFS to get approved for litecoin trading and custody services. According to the post, the exchange’s clients can start depositing Litecoin into their accounts from 13.30 UTC (9.30 EST) on Saturday 13th October (two days ago). Three days later, full trading will commence at the same time on Tuesday, 16th October.

 

Against USD, ether, Bitcoin and zcash, Litecoin will be offered in trading pairs. Winer said Gemini initially planned to announce support for Bitcoin cash and Litecoin, but said the plan will not be executed for the time being due to the “uncertainty” around one or more forks which may happen mid-November.

 

He explained:

Quote

Some of those forks lack the replay protection feature that would be required for Gemini to safely support bitcoin cash; because of this situation, we are delaying our launch of bitcoin cash deposits, withdrawals, and trading until late November, after the forks have passed and we can evaluate the health of the bitcoin cash ecosystem.

 

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