The cryptocurrency industry reached a new milestone on June 6, 2016, as Gemini Trust Company, the bitcoin exchange founded by Tyler and Cameron Winklevoss, officially launched trading services in Canada — marking the company’s first expansion beyond United States borders and signaling a broader push to bring regulated digital asset trading to international markets.
TL;DR
- Gemini opens its first international operation in Canada, offering BTC and ETH trading
- The exchange plans to enable fiat currency pairs within weeks, with no regulatory approval required for Canadian operations
- Gemini is the first and only exchange licensed to trade ether in New York state
- Approximately $30 million in notional value traded on Gemini over the past 30 days
- Another international location is planned within two weeks
A Strategic Cross-Border Expansion
For months, the Winklevoss twins had been building Gemini into what they envisioned as the institutional-grade alternative to the largely unregulated cryptocurrency exchange landscape. The Canada launch represented a concrete step in that direction, giving Canadian citizens access to a licensed platform for trading bitcoin and ether against one another.
During the initial phase, Canadian users could trade bitcoin and ether on the Gemini platform. However, trading against fiat currencies such as the Canadian dollar and the US dollar would follow in the coming weeks. Notably, Tyler Winklevoss indicated that no regulatory approval was needed to operate in Canada, streamlining the expansion considerably compared to the stringent BitLicense requirements the exchange had already navigated in New York.
“We decided to open first with the bitcoin and ether order book,” Tyler Winklevoss explained. “We think there’s great demand for that; there are a lot of people who own bitcoin, and they don’t have a safe place to store them.”
Ether’s Growing Legitimacy
The timing of the expansion was significant. Ether, the native token of the Ethereum blockchain, was rapidly gaining ground as the second-largest digital currency by market capitalization, valued at approximately $13.92 with a market cap of roughly $1.1 billion. Bitcoin, meanwhile, traded around $582.79 on Bitstamp with a market capitalization of $9.1 billion.
What made Gemini’s ether offering particularly noteworthy was its exclusivity. The exchange had recently become the first and only platform licensed by New York state to offer ether trading — a distinction that placed it ahead of every other US-based exchange in terms of regulatory compliance for the second-largest cryptocurrency.
Volume figures suggested growing interest. According to Winklevoss, Gemini had traded approximately $30 million in notional value across both bitcoin and ether over the preceding 30 days, indicating that the regulated exchange model was beginning to attract meaningful liquidity.
The Unregulated Exchange Problem
A key motivation behind Gemini’s international expansion was the persistent problem of unregulated trading platforms. Winklevoss pointed out that most bitcoin and ether investors were still trading on unregulated and unlicensed exchanges, exposing themselves to risks ranging from security breaches to potential market manipulation.
By positioning Gemini as a compliant, regulated alternative, the Winklevoss brothers were betting that institutional and retail investors alike would gravitate toward platforms that offered the same kinds of protections found in traditional financial markets. The involvement of major institutions like Goldman Sachs and IBM in exploring blockchain technology only reinforced the thesis that regulated infrastructure would become increasingly important.
What Comes Next
The Canada launch was clearly just the beginning. Winklevoss indicated that Gemini would open another international location within two weeks, suggesting an aggressive expansion roadmap. With ethereum’s smart contract capabilities attracting developer attention and bitcoin’s store-of-value narrative gaining traction among mainstream investors, the demand for regulated trading venues appeared poised for significant growth.
For altcoin enthusiasts, the expansion carried additional significance. Gemini’s decision to list ether alongside bitcoin from day one in Canada signaled that the exchange viewed ethereum as a first-class digital asset — not merely an afterthought. As more exchanges followed suit, ether’s path toward broader institutional adoption looked increasingly secure.
Why This Matters
Gemini’s Canada expansion in June 2016 was an early preview of the global regulatory race among cryptocurrency exchanges. By being the first to offer regulated ether trading in New York and the first to expand internationally with both BTC and ETH pairs, Gemini set a template that other exchanges would eventually follow. The emphasis on compliance over speed — securing licenses before launching products — became a defining characteristic of the exchanges that survived and thrived in subsequent years, while many unregulated platforms collapsed amid hacks, frauds, and regulatory crackdowns.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making investment decisions.
Gemini expanding to Canada was a big deal for North American crypto adoption
Ethereum going global meant more liquidity and better price discovery for everyone
Canadian crypto regulation was ahead of the curve which made this expansion possible
First international order book for Ethereum – the Winklevoss twins were building infrastructure early