Cryptocurrency exchange Gemini is planning to get a broker-dealer license from the Financial Industry Regulatory Authority (FINRA) so it can trade securities, CoinDesk writes. Should the exchange obtain the licence, it would be on its way to becoming an Alternative Trading System (ATS).
At the moment, Gemini has approval from the New York Department of Financial Services (NYDFS) allowing it to custody digital assets on a state level. As an ATS, Gemini would be able to trade securities as well as permit trading securities listed on other platforms.
However, it might be a long time before Gemini obtains the licence. FINRA has been so far cautious when it comes to rewarding cryptocurrency companies with broker-dealer licences, with as many as 40 applications currently waiting for FINRA’s approval. Some companies believe the delays stem from the lack of guidance from the SEC. According to the reports, some have been waiting over a year for FINRA's move.