From Tyler Winklevoss&#x27;s answer on the Product Hunt page for Gemini:
&quot;Gemini is a New York state limited liability trust company, we did not apply for or have a BitLicense which is a much lower standard. As a limited liability trust company we are a fiduciary, which allows us to accept both individual and institutional customers under New York Banking Law (unlike the BitLicense, which does not convey such fiduciary powers). In short, we can work with both Main Street and Wall Street.&quot;<p>Source: <a href="https:&#x2F;&#x2F;www.producthunt.com&#x2F;tech&#x2F;gemini-2" rel="nofollow">https:&#x2F;&#x2F;www.producthunt.com&#x2F;tech&#x2F;gemini-2</a>