Tyler and Cameron Winklevoss keep to the track beaten by ItBit. The twin brothers have filed an application with the New York Department of Financial Services on behalf of Gemini Trust Company, LLC.

Long anticipated Gemini bitcoin exchange will operate as a New York Limited Liability Trust Company, the Bitcoin Magazine reports.

Gemini will be launched as soon as a Certificate of Authorization is obtained from the NYDFS. However, the process may take up to several months. Evan Greebel from an eminent law firm Kaye Scholer is advising brothers on the launch.

Winklevoss twins announced the launch of the “next generation”, fully regulated bitcoin exchange this January. The new platform is intended to be fully compliant with BitLicense regulation and linked exclusively to the regulated banks in the United States. Winklevoss are major venture capital investors who, according to some rumours, own 1% of world bitcoins.

This May ItBit became the first bitcoin exchange to operate legally in the U.S. receiving a license from the NYDFS. The company filed the application in February 2015. On 7 May, the company introduced the itBit Trust Company, the organisation to become a custodian for its clients’ assets. Creation of the trust was overseen by the NYDFS, which carried out a comprehensive review of the company’s AML practices, security standards, and capitalization structure. By creating a trust company itBIT attained a bank-like status to guarantee its customers a new level of security.

Nadya Krasnushkina