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Analysis · Exchanges

Coinbase vs Gemini: licences, fees, custody and the Earn collapse, from the documents

Published 2026-10-14By the CryptoGuardz Register Desk6 min read19 sources

Photo: Randy Fath / Unsplash

In short, from the documents

Coinbase vs Gemini: licences, fees, custody

Both hold New York charters, but most US Gemini users now contract with Gemini Moonbase, LLC, which is not on the NYDFS list. Gemini's ActiveTrader fees start at 0.600% maker and 1.200% taker. Coinbase's record includes a $50 million NYDFS penalty and a 2025 insider data theft; Gemini's includes the Earn freeze of 340,000 investors.

Piece published 2026-10-14Reviewed by CryptoGuardz Register Desk, editorial desk

Coinbase and Gemini both hold New York licences, but they differ on fees, on who the customer contracts with, and on their records. Gemini's ActiveTrader schedule starts at 0.600% maker and 1.200% taker. Coinbase publishes no entry-tier Advanced rate to a signed-out reader. Gemini's Earn programme froze the assets of 340,000 investors in 2022. Coinbase paid a $50 million New York penalty in 2023 and disclosed an insider data theft in 2025.

Every document below was read on 14 October 2026 unless a register date is given. Nothing here is investment advice. The full entries are on Coinbase and Gemini.

Coinbase vs Gemini: the documents side by side

Point	Coinbase	Gemini
NYDFS licence	Virtual currency and money transmitter, 2017-01	Limited purpose trust charter, 2015-10
Custody arm on NYDFS list	Coinbase Custody Trust Company, 2018-10	Same trust company
US counterparty	Coinbase, Inc.	Trust Company in 5 states, Gemini Moonbase elsewhere
Entry spot fee	Not verified	0.600% maker, 1.200% taker
Simple limit order fee	1.875%, varies by payment method	Not verified
Proof of reserves	No data	None published
USDT networks	4, no Tron	5, Tron included
Major incident	2025 insider data theft	2022 Earn freeze

Which licences does each hold?

Both appear on the New York Department of Financial Services list of regulated virtual currency entities. Coinbase, Inc. holds "Virtual Currency and Money Transmitter Licenses", granted 2017-01. Coinbase Custody Trust Company, LLC holds a limited purpose trust charter from 2018-10. Gemini Trust Company, LLC holds a limited purpose trust charter from 2015-10.

The catch is on Gemini's side. Its user agreement page splits US customers: "Residents of ID, LA, NY, OH, TX are subject to the terms of the Gemini Trust Company, LLC User Agreement." Most other states contract with Gemini Moonbase, LLC, which the agreement describes as "a Delaware limited liability company headquartered in Florida". Moonbase is not on the NYDFS list, so the charter most people associate with Gemini does not cover most of its US users, as recorded on the Gemini entry on 8 October 2026.

In the EU, the ESMA MiCA register carries Coinbase Luxembourg S.A. as authorised, per the Coinbase entry. For Gemini, the ESMA file was served truncated, so an EU authorisation is not verified.

Is Coinbase or Gemini cheaper?

The published figures do not allow a like-for-like answer. Gemini's ActiveTrader schedule lists 0.600% maker and 1.200% taker at a 30-day volume of $0, falling to 0.000% maker and 0.020% taker at $250 million.

Coinbase's pricing disclosures say "When you place simple buy and sell orders, Coinbase includes a spread in the quoted price", without a figure for the spread. For simple limit orders, "Coinbase may also charge a 1.875% Coinbase fee (varies by payment method)." The Advanced help page sends readers elsewhere:

To see your current rates and qualification criteria, sign in to your Coinbase.com account and open the Coinbase Advanced fees page.

Coinbase Help Center, retrieved 2026-10-14

So the Coinbase Advanced entry-tier rate is not verified. Coinbase does publish a USDT withdrawal processing fee of 0.01%, capped at 20 USDT, and a standard staking commission of 35%.

Who holds the coins?

Both pool customer coins in shared addresses and keep separate ledgers. Coinbase's agreement, clause 2.7.1, says "Title to Supported Digital Assets shall at all times remain with you and shall not transfer to Coinbase", and that Coinbase "will not sell, transfer, loan, hypothecate, or otherwise alienate" them, with listed exceptions. Section 2.8 adds that "Coinbase will not use customer funds for its operating expenses or any other corporate purposes."

Numbered brass safe deposit boxes in a bank wall — Illustration only: numbered deposit boxes. Both exchanges pool coins in shared addresses and track each customer on a ledger, so no box is set aside per customer. Photo: Tim Evans / Unsplash

Gemini's Trust Company agreement says assets in its omnibus and custody accounts "are not treated as general assets of Gemini", but the same text grants Gemini "a first priority security interest and pledge over your Digital Assets", as recorded on the register.

On reserves, Gemini's Trust Center says "Gemini is a full-reserve exchange and custodian" and that funds are "held 1:1". It lists SOC 1 Type 2 and SOC 2 Type 2 examination periods and audited statement dates, but no proof of reserves. Coinbase's proof-of-reserves page returned an error to this desk on 14 October 2026, as it did on 28 September: no data.

What happened with Gemini Earn?

Gemini Earn lent customer crypto to Genesis Global Capital. The SEC's January 2023 release says Genesis held "approximately $900 million in investor assets" from "340,000 Gemini Earn investors", and that Genesis stopped Earn withdrawals in November 2022. The SEC charged both firms under Sections 5(a) and 5(c) of the Securities Act.

A sheet of cracked ice with blue lines running through it — Illustration: cracked ice. Earn withdrawals stopped when Genesis froze them in November 2022, as the SEC release in this section records. Photo: Viktoriia Ananeva / Unsplash

The settlements followed. NYDFS, on 28 February 2024:

Gemini Trust Company, LLC has committed to return at least $1.1 billion to Gemini Earn Program customers

NYDFS press release, 28 February 2024, retrieved 2026-10-14

The same release added a $37 million fine. On 14 June 2024 the New York Attorney General announced about $50 million more from Gemini for "more than 230,000 investors, including at least 29,000 New Yorkers", separate from the $2 billion she had secured from Genesis. On 23 January 2026 the SEC filed a joint stipulation to dismiss its case against Gemini with prejudice, citing the "100 percent in-kind return of Gemini Earn investors' crypto assets". Separately, the CFTC obtained a $5 million consent order against Gemini in January 2025, as recorded on the register.

What is on Coinbase's record?

Three items. On 4 January 2023 NYDFS announced that Coinbase would pay a $50 million penalty and invest $50 million more in compliance, after finding "a significant and growing backlog of over 100,000 unreviewed transaction monitoring alerts". On 27 February 2025 the SEC filed to dismiss its civil action against Coinbase, Inc. and Coinbase Global, stating the decision was not based on the merits.

Then the data theft. Coinbase's 8-K of 15 May 2025 says a threat actor paid "multiple contractors or employees working in support roles outside the United States" for customer data, including "Government-ID images". It "did not involve the compromise of passwords or private keys", and Coinbase estimated costs of "approximately $180 million to $400 million". How that data feeds phone scams is covered in how Coinbase scams work.

Which networks does each use for USDT?

Coinbase lists Ethereum, Arbitrum, Polygon and Tempo, with no Tron. Gemini lists Avalanche, Ethereum, Solana, Tron and Arbitrum, but says API withdrawals of USDT run on Ethereum only. Network choice decides whether a deposit arrives; see USDT networks and freezes. Coinbase's prohibited use policy also bars gambling "not sanctioned by a governmental body", as set out in exchange-to-casino deposit risks.

Quick answers

Is Gemini regulated in New York?

Yes. Gemini Trust Company, LLC holds an NYDFS limited purpose trust charter from 2015-10. Users outside five states contract with Gemini Moonbase, LLC, which is not on the NYDFS list. See Gemini.

What are Gemini's trading fees?

ActiveTrader starts at 0.600% maker and 1.200% taker at $0 of 30-day volume. The figures are on Gemini's fee schedule, read 14 October 2026.

Did Gemini Earn customers get their money back?

The SEC's January 2026 release cites a "100 percent in-kind return" of Earn investors' crypto. NYDFS secured a commitment of at least $1.1 billion.

Was Coinbase hacked in 2025?

Insiders were bribed for customer data. The 8-K says no passwords or private keys were taken and estimates costs of $180 million to $400 million. See Coinbase safety.

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Sources

About this piece

Compiled by the CryptoGuardz register team from the sources listed above. Research and drafting are AI-assisted and reviewed by a named editor before publication. Nothing here is a recommendation to gamble. If a figure or a reading is wrong, tell us and the correction is logged in public.