Last updated: September 2026 | Reviewed by the editorial team What Is Gemini Trust? Gemini Trust Company, LLC is the legal name behind Gemini, the cryptocurrency exchange and custodian founded in 2014 by Cameron and Tyler Winklevoss. In September 2015, the New York State Department of Financial Services (NYDFS) granted Gemini a limited-purpose trust charter under the New York Banking Law and authorized it to conduct virtual currency business in New York. The name “Gemini Trust” appears in official regulatory records and Gemini’s legal documents for this reason. It refers to a real legal entity, not simply a marketing name. Because Gemini operates through a chartered trust company, its regulatory status can help users evaluate the platform. However, a license does not guarantee that every product or service is risk-free. Instead, users should consider regulation, security, transparency, product risks, and the company’s history together. Gemini Trust vs. Other Products Named “Gemini” Searches for “Gemini Trust” can sometimes show information about unrelated products that use the Gemini name. For example, Google’s Gemini AI has no connection to Gemini Trust Company. Google’s Gemini is an artificial intelligence product, while Gemini Trust Company provides cryptocurrency exchange and custody services. Therefore, if you are researching the cryptocurrency company, make sure the information you read refers specifically to Gemini Trust Company, LLC. Why Gemini Trust’s Regulatory Status Matters Gemini operates as a New York-chartered limited purpose trust company. As a result, its regulated activities in New York fall under the NYDFS regulatory framework and supervision. The NYDFS consent order also explains Gemini’s obligations under applicable New York banking and virtual currency rules. According to Gemini’s own Trust Center, Gemini describes itself as a full-reserve exchange and custodian. The company says it keeps customer fiat and digital assets separate from its own assets and maintains customer funds on the platform on a 1:1 basis. The Trust Center also lists SOC 1 Type 2 and SOC 2 Type 2 examinations conducted by Deloitte, along with ISO/IEC 27001:2022 certification. These assessments can give users useful information about Gemini’s controls. Still, they do not guarantee protection against every security, operational, or financial risk. For that reason, a trust charter and security assessments are useful indicators, but they should not be the only factors in your decision. Regulatory History: The 2024 NYDFS Settlement In February 2024, Gemini Trust Company entered into a consent order with the NYDFS related to its Gemini Earn lending program, which operated with Genesis Global Capital. The NYDFS found compliance, management, and internal-audit issues involving Gemini’s management of the Earn program. The regulator also found problems with Gemini’s due diligence and monitoring of Genesis Global Capital. In addition, the NYDFS found misleading representations related to the program. Genesis Global Capital served as the lending partner for Gemini Earn. In November 2022, Genesis suspended withdrawals and later filed for bankruptcy. At the time of the NYDFS consent order, more than 200,000 Earn customers had not received their loaned virtual currency. As part of the settlement, Gemini agreed to pay a $37 million penalty to New York State and contribute $40 million toward the recovery of virtual currency owed to Gemini Earn customers. The company also agreed to help return affected customers’ virtual currency through the Genesis bankruptcy process. Later, the NYDFS reported that by June 20, 2024, Gemini had restored 100% of the virtual currency owed to Gemini Earn customers. The recovery represented more than $2 billion in virtual currency at that time. This history gives users a more balanced view of Gemini. The company operates within a regulated framework, but the Earn case also shows that a regulated company can face serious problems with a particular product. What the Gemini Earn Case Teaches Users The Gemini Earn case provides an important lesson for cryptocurrency users. A platform can have a regulatory license, security controls, and external examinations while a specific product can still involve substantial risks. Gemini Earn was an unsecured lending program. Customers could lend cryptocurrency through the program to Genesis Global Capital and receive interest in return. The NYDFS found that Gemini’s due diligence and ongoing monitoring of Genesis were inadequate. Therefore, users should not evaluate a cryptocurrency company only by asking whether it is “regulated.” Instead, ask these questions: What product am I using? Where will my assets be held? Is a third party involved? Does the product involve lending or another added risk? What protections apply to this specific product? Which rules apply in my country or region? The risks of one product do not automatically apply to every service from the same company. Even so, a company’s product history can still help users judge its overall track record. How to Evaluate Any Platform’s Trustworthiness Whether you are looking at Gemini or another cryptocurrency platform, four areas deserve attention. 1. Security Look for independent examinations, certifications, and clear information about security controls. Do not rely only on marketing claims. Gemini’s Trust Center lists SOC 1 Type 2 and SOC 2 Type 2 examinations, ISO/IEC 27001:2022 certification, and other security information. Users should also check which security features they can use on their own accounts, including two-factor authentication and other account-protection options. 2. Privacy Read the privacy policy before creating an account. Pay attention to: What personal information the company collects How the company uses that information Whether the company shares information with third parties How long the company keeps information What choices or rights users have Privacy policies can change. So, always check the current policy before making an important decision. 3. Transparency A trustworthy financial platform should make important information easy to find. Check the company’s: Legal entity name Regulatory licenses Terms of service Fee schedule Supported products Supported countries and jurisdictions Security information Customer-support options The easier it is to verify these details, the easier it becomes to make an informed choice. 4. Regulatory and Dispute History Do not stop after checking a company’s current license. Search the relevant regulator’s enforcement database, court records, and other reliable public sources for major settlements or enforcement actions. For Gemini, the NYDFS’s public records include the February 2024 consent order involving Gemini Trust Company. This step gives you a more complete view of the company’s safeguards and past problems. Is Gemini Trust Safe to Use? There is no simple yes-or-no answer for every user. Gemini Trust Company has a New York limited purpose trust charter and operates under the applicable regulatory framework for its regulated activities. Gemini also publishes information about its security program, examinations, custody practices, and licenses. At the same time, Gemini has faced regulatory enforcement, including the 2024 NYDFS consent order involving the Gemini Earn program. That history shows why users should evaluate the specific service they plan to use instead of assuming that regulation means zero risk. Cryptocurrency services can involve market, operational, custody, cybersecurity, and regulatory risks. The protections available can also vary by product and jurisdiction. For that reason, a better question is not simply “Is Gemini Trust safe?” Instead, ask “What risks and protections apply to the Gemini service I plan to use?” Protecting Your Own Account Even on a regulated platform, users should protect their own accounts. These basic security steps can help: Use a unique, strong password Enable two-factor authentication when available Keep your email account secure Keep account-recovery information current Never share login credentials or verification codes Check the website address before entering sensitive information Be careful with unexpected emails, calls, and messages Avoid suspicious account-verification links Keep your operating system, browser, and security software updated For a plain-language starting point on why these habits matter and how attackers typically operate, WorkToolScout’s beginner’s guide to cybersecurity is a solid primer, and their roundup of cybersecurity and password manager tools covers specific tools for protecting accounts across services, not just one platform. Gemini Trust for Businesses Businesses considering Gemini, or another regulated cryptocurrency platform, for trading, custody, treasury, or digital-asset activities should perform additional checks. Businesses should review: Applicable licenses and jurisdictions Independent security examinations and certifications Current user and business agreements Fee structures Asset custody arrangements Product-specific risks Customer-support channels Regulatory and enforcement history Businesses should also create internal controls for account access and fund transfers. For example, a company can limit account access to approved employees. It can also require additional approval for large transactions and create secure account-recovery procedures. These controls can reduce the risk of mistakes and unauthorized transactions. Things to Check Before Using Gemini Before opening an account or depositing funds, follow these steps. 1. Confirm You’re Using the Official Service Make sure you are using Gemini’s official website or official application rather than a lookalike website. Phishing websites and impersonation scams can copy the design of legitimate cryptocurrency platforms. Therefore, always check the website address before entering your login details. 2. Review the Current Terms and Fees Review the current terms, fees, supported services, and jurisdictional restrictions directly on Gemini’s website. Do not rely on information from an old article because these details can change. 3. Check Current Regulatory Information Check Gemini’s Trust Center and the relevant regulator’s public records for current information. For New York-related regulatory information, the NYDFS provides public information about regulated virtual currency businesses and enforcement actions. 4. Understand the Specific Product Do not assume that every Gemini service has the same risk level. For example, an exchange or custody service can have different risks and terms from a lending, staking, or other financial product. Before using a product, understand how your assets will be held and whether another company will be involved. 5. Protect Your Account Use strong authentication and never provide your password, recovery information, or verification codes to someone who contacts you unexpectedly. Gemini Trust Pros and Cons Pros Gemini Trust Company operates under a New York limited purpose trust charter Its regulated activities are subject to NYDFS oversight Gemini publishes information about its security program and custody practices Gemini lists SOC 1 Type 2 and SOC 2 Type 2 examinations Gemini provides public information about licenses, audits, and security Its regulatory and enforcement history is publicly documented The NYDFS reported that Gemini restored 100% of virtual currency owed to Gemini Earn customers by June 20, 2024 Cons Gemini has a significant regulatory enforcement history involving the Gemini Earn program The 2024 NYDFS settlement included a $37 million penalty Product availability and regulatory treatment can vary by jurisdiction Cryptocurrency services carry financial and operational risks Users remain responsible for protecting their own accounts The name “Gemini” can be confused with unrelated products such as Google’s Gemini AI Gemini Trust vs. Google’s Gemini AI One common mistake when searching for Gemini Trust is confusing the cryptocurrency company with Google’s Gemini AI. They are completely different products. Gemini Trust Company is a financial-services company associated with cryptocurrency exchange and custody services. Google Gemini is an artificial intelligence product. The two companies are not connected simply because they share the Gemini name. If you are researching AI chatbots, AI privacy, or Google’s Gemini AI, information about Gemini Trust Company will not answer those questions. Frequently Asked Questions What does “Gemini Trust” mean? “Gemini Trust” refers to Gemini Trust Company, LLC, the legal entity associated with Gemini’s cryptocurrency exchange and custody services. The company received a New York limited purpose trust charter in 2015 and operates under the applicable NYDFS regulatory framework. Is Gemini regulated? Yes. Gemini Trust Company, LLC operates as a New York limited purpose trust company and is licensed by the New York State Department of Financial Services for its applicable regulated activities. Gemini also lists other licenses and regulatory permissions for specific jurisdictions and services. Has Gemini Trust had any regulatory issues? Yes. In February 2024, the NYDFS entered into a consent order with Gemini Trust Company concerning the Gemini Earn program. Gemini agreed to pay a $37 million penalty and contribute $40 million toward the recovery of assets owed to affected Earn customers. What happened to Gemini Earn? Gemini Earn was an unsecured lending program in which customers could lend cryptocurrency through Gemini to Genesis Global Capital. Genesis later suspended withdrawals and filed for bankruptcy. More than 200,000 Earn customers had not received their virtual currency at the time of the NYDFS consent order. The NYDFS later reported that Gemini restored 100% of the virtual currency owed to Earn customers by June 20, 2024. Is “Gemini Trust” the same as Google’s Gemini AI? No. Gemini Trust Company is a cryptocurrency financial-services company, while Google’s Gemini is an artificial intelligence product. They are unrelated. Does Gemini have security certifications? Gemini’s Trust Center lists SOC 1 Type 2 and SOC 2 Type 2 examinations, as well as ISO/IEC 27001:2022 certification. The Trust Center states that Deloitte conducted the SOC examinations. How can I improve my account security on Gemini? Use a unique password, enable two-factor authentication, secure your email account, avoid suspicious links, and never share passwords or verification codes. Should businesses evaluate Gemini Trust before using it? Yes. Businesses should review current licenses, security information, agreements, fees, custody arrangements, product-specific risks, and regulatory history before using a cryptocurrency platform for company funds or digital assets. Final Verdict on Gemini Trust Gemini Trust Company, LLC has several factors that can support confidence in its regulated operations, including its New York limited purpose trust charter, regulatory supervision, published security information, and custody practices. However, regulation does not guarantee that every product is risk-free. The Gemini Earn experience shows why users should examine individual products, third-party relationships, and regulatory history before making decisions. Overall, the best approach is to look at the complete picture: regulation, security, privacy, transparency, product-specific risks, and past enforcement actions. If you are considering Gemini for cryptocurrency trading or custody, verify the current terms, product availability, and regulatory status for your location before making a decision. Disclaimer: This article is for general informational purposes only and does not constitute financial, legal, or investment advice. Cryptocurrency products carry risk, including the risk of loss, and rules vary by region. Regulatory status, licenses, products, and terms can change after publication, so verify current details directly with Gemini and your local financial regulator before making any decisions. Questions or corrections about this article can go through WorkToolScout’s Contact Us page. Post navigation What Is a Content Marketplace and How Does It Work How to Manage Your Online Presence and Build a Digital Brand