FOR U.S. CUSTOMERS
U.S. DOLLARS
U.S. dollars in your Gemini Account may be held at Western Alliance Bank, Cross River Bank, Customers Bank, and State Street Bankand thus may be eligible for FDIC “pass-through” insurance, subject to applicable limitations. Please see the FDIC Insurance section of our User Agreement for more information.
CRYPTO
Gemini maintains insurance coverage against certain types of losses for the crypto that we hold on your behalf in our online hot wallet subject to limitations. Please see the Digital Asset Insurance section of our User Agreement for more information.
FOR EEA CUSTOMERS
Gemini Payments Europe Limited (“GPEL”), which issues e-money and provides related payment services that facilitate the purchase and sale of crypto using fiat, is regulated as an Electronic Money Institution (“EMI”) by the Central Bank of Ireland (“CBI”). Gemini Intergalactic EU Ltd., a private limited liability company incorporated and registered in Malta, with company registration number C110029, is duly authorised by the Malta Financial Services Authority as a Crypto-Asset Service Provider pursuant to Regulation 2023/1114 on Markets in Crypto-Assets (“MiCA”) as integrated in Malta by the Markets in Crypto Assets Act (Chapter 647, Laws of Malta). Gemini Intergalactic EU, Ltd is authorised to provide the following services: (i) providing custody and administration of crypto-assets on behalf of clients (ii) exchange of crypto-assets for funds; (iii) exchange of crypto-assets for other crypto-assets; (iv) execution of orders for crypto-assets on behalf of clients; (v) placing of crypto-assets; (vi) reception and transmission of orders for crypto-assets on behalf of clients; and (vii) providing transfer services for crypto-assets on behalf of clients.
E-MONEY
As an EMI, GPEL must hold your money in a segregated bank account where those funds are held separately from GPEL’s own funds in a ring-fenced bank account. This process is called “safeguarding” and these funds are available only for the purpose of returning funds to you upon your request and these funds cannot be accessed by any third parties, creditors, or banks. This means that whenever you ask GPEL to redeem your e-money (which is the electronic money available in your Gemini account), the funds securing that e-money will be available. Safeguarding requirements are in place to protect customer funds if an EMI becomes insolvent.
This is distinct from the Deposit Guarantee Scheme (“DGS”) which is administered by the CBI, which protects the deposits of eligible depositors (up to €100,000 per person per institution) in the event of a bank, building society and/or credit union authorised by the CBI being unable to repay deposits. GPEL is not a bank, building society or credit union and therefore your e-money account is not a deposit account, meaning that your e-money in Gemini is not covered by the DGS.
CRYPTO
Security has been a high priority since our inception and protecting your cryptoassets is a cornerstone of our business. Gemini’s segregated, off-line storage solution is designed to provide the utmost security for cryptoasset holdings. Our platform was built with a “security-first” mentality and uses institutional grade technology and protocols to custody cryptoassets. The majority of assets are held in our off-line cold storage system, with only a small portion held in our online hot wallet.
While cryptoasset transactions are also not covered by the DGS scheme, Gemini maintains insurance coverage against certain types of losses for the crypto that we hold on your behalf in our online hot wallet subject to limitations. Please see the Crytoasset Insurance section of our User Agreement for more information.
Your cryptoassets are also not covered by the Investor Compensation Scheme (“ICS”) which is administered by the CBI in Ireland or MFSA in Malta.
FOR UK CUSTOMERS
Gemini Payments UK, Ltd, which facilitates e-money activities, fiat currency safeguarding, and the purchase of crypto using fiat, is regulated as an Electronic Money Institution (EMI) by the Financial Conduct Authority (FCA). Gemini Intergalactic UK, Ltd facilitates crypto custody and crypto exchange services and is approved by the FCA as a registered cryptoasset firm under the UK’s Money Laundering and Counter Terrorist Financing Regulations.
MONEY
As an EMI, Gemini must hold your money in a segregated bank account that is available only for the purpose of returning your money upon your request. This process is called “safeguarding”, which means your money is held separately from Gemini’s own funds in a ring-fenced bank account and cannot be accessed by any third parties, creditors, or banks. This means that whenever you ask Gemini to withdraw your money, it will be available. Safeguarding requirements are in place to protect customer funds if an EMI becomes insolvent.
This is distinct from the Financial Services Compensation Scheme (FSCS) which protects the deposits of banking customers (up to £85,000 per person) should a bank, building society or credit union fail. Gemini is not a bank and EMIs do not participate in the scheme, meaning that your money in Gemini is not covered by the FSCS.
CRYPTO
Security has been a high priority since our inception and protecting your cryptoassets is a cornerstone of our business. Gemini’s segregated, off-line storage solution is designed to provide the utmost security for cryptoasset holdings. Our platform was built with a “security-first” mentality and uses institutional grade technology and protocols to custody cryptoassets. The majority of assets are held in our off-line cold storage system, with only a small portion held in our online hot wallet.
While cryptoasset transactions are also not covered by the FSCS scheme, Gemini maintains insurance coverage against certain types of losses for the crypto that we hold on your behalf in our online hot wallet subject to limitations. Please see the Crypto Asset Insurance section of our User Agreement for more information.
You can find more information about payment service providers at https://www.fca.org.uk/consumers/using-payment-service-providers