Winklevoss twins' Bitcoin exchange Gemini gets a license from the New York State Department of Financial Services

Jessica Morris
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Gemini's homepage said trading will officially start on Thursday, October 8th (Source: Getty)

A top US regulator has licensed a bitcoin exchange set up by the Winklevoss twins, who rose to fame on the back of a lawsuit against Facebook founder Mark Zuckerberg.

Gemini, which will let individuals and institutional customers buy and sell the cryptocurrency, received a banking charter from the New York State Department of Financial Services today.

The regulator has been leading an effort to increase oversight of virtual currency exchanges, such as Gemini, in the wake of the disastrous collapse of Japan-based Mt. Gox.

Read more: London takes the lead in Bitcoin innovation

“In New York, we are continuing to move forward on licensing and chartering virtual currency firms," Anthony Albanese, acting superintendent at the New York State Department of Financial Services, said.

"Smart, targeted regulation that helps protect consumers and prevent illicit activity is vital to the long-term future of this industry."

Gemini will officially start trading on Thursday, October 8th at 9:30 am EDT.

The bitcoin exchange will initially operate in 26 US states, as well as in Washington, but the brothers plan to expand this.

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