Off-Exchange Crypto Trading & Settlement Solutions | Gemini (2024)

FAQs

What is off exchange settlement? ›

Off-exchange settlement solution enables institutional investors to maintain their collateral, used for leveraged positions, away from the exchange platform.

Your crypto withdrawals may be temporarily restricted for a few different reasons: Sign-In From a New Device. Pending Bank Transfer (ACH) Pending Debit Card Transfer (24 hour hold)

Gemini is a New York trust company regulated by the New York State Department of Financial Services (NYSDFS).

Gemini FAQs

Gemini is a relatively safe exchange with fiduciary status. It requires all users to implement two-factor authentication. The company prides itself on offering safe and secure crypto trading services.

Custodial Solutions

With custodial “off exchange” solutions, customer assets are pooled in a commingled account and settlement occurs off-chain via a sub-ledger. This approach transfers counterparty risk from the exchange to a centralized clearing party.

Over-the-counter (OTC) or off-exchange trading or pink sheet trading is done directly between two parties, without the supervision of an exchange.

Earn customers were promised interest payments, but lost their money when Genesis defaulted on approximately $1 billion worth of loans in November 2022. Genesis declared bankruptcy two months later, leaving more than 200,000 Earn customers unable to access their digital currency.

Gemini will also pay a $37 million fine to the regulator “for significant failures that threatened the safety and soundness of the company,” the New York Department of Financial Services (NYDFS) said in a statement Wednesday.

You can expect to receive your remaining asset balance within the next 12 months. The initial distributions are in kind, meaning that if you lent one bitcoin in the Earn program, you will receive one bitcoin back.

U.S. dollars in your Gemini account are also protected. These cash deposits have the same FDIC insurance that many banks and credit unions offer, covering up to $250,000 per eligible account. In a nutshell, the answer to the question of "Is Gemini exchange safe?" is yes.

Which bank does Gemini use? ›

U.S. dollars in your Gemini Account may be held at State Street Bank and Trust Company, JPMorgan Chase Bank, N.A. and thus may be eligible for FDIC “pass-through” insurance, subject to applicable limitations.

Gemini is available in 60+ countries, including all 50 U.S. states. For more information, please review our Areas of Availability page. How long does it take to get verified?

On-exchange health insurance is bought through government marketplaces, complies with ACA standards, and offers eligibility for subsidies. Off-exchange insurance, purchased directly from insurers or brokers, may not follow ACA rules and doesn't provide access to subsidies, often resulting in higher costs for consumers.

The quantity traded in this market is called Exchange Settlement (ES) balances, which are used to settle interbank transactions. Banks have deposit accounts at the Reserve Bank to record the value of their ES balances.

Off-market trades are trades that require prior agreement between a buyer and a seller to execute the transaction on a listed security at an agreed price and quantity. There are several requirements to executing off-market trades, such as a two-party limit and the use of a broker licensed by the exchange.

Off-exchange health insurance is a plan that is purchased directly from an insurance provider, or through a broker.