Gemini

Cryptocurrency

World

Dollars

Billion

The New York Department of Financial Services (DFS) today announced a settlement with Gemini, the cryptocurrency firm founded by the Winklevoss twins. The deal relates to its product called Gemini Earn. 
As part of the consent decree, Gemini agreed to pay a $37 million penalty and fully repay funds owed to Earn customers, totaling more than $1 billion. 
This agreement was the latest setback for Gemini, which is also facing lawsuits filed by the New York attorney general and the Securities and Exchange Commission (SEC) due to its problematic Earn product. The product was launched in partnership with Digital Currency Group's lender Genesis. 
“Gemini failed to exercise due diligence on an unregulated third party who was later accused of massive fraud and harmed Earn customers who were unable to access their assets after Genesis Global Capital suffered a financial collapse,” said DFS Investigator Adrienne Harris. 
During the last bull cycle, Gemini, which operates primarily as an exchange, launched the Earn program, which ended badly. This program allowed customers to lend cryptocurrency for a return of up to 13%. The only counterparty in the arrangement was Genesis, the lender to Barry Silbert cryptocurrency empire Digital Currency Group. 
Genesis also lent cryptocurrencies to firms such as hedge fund Three Arrows Capital and FTX-affiliated trading firm Alameda Research. With the collapse of these companies, customers of the Earn program could not get their crypto money back. 
*This is not investment advice. 
 Continue Reading: <a href="https://en.bitcoinsistemi.com/breaking-another-crisis-resolved-in-the-cryptocurrency-world-gemini-will-return-1-billion-dollars-to-its-customers/">BREAKING: Another Crisis Resolved in the Cryptocurrency World – Gemini Will Return 1 Billion Dollars to Its Customers</a>

BREAKING: Another Crisis Resolved in the Cryptocurrency World – Gemini Will Return 1 Billion Dollars to Its Customers

Bitcoin Sistemi EN

2024년 2월 28일에 게재된 다른 기사

Analyst Labels Bitcoin Rally Strongest Pre-Bull Cycle Yet

Avalanche Network Outage – AVAX Fails to Reach $40, ALGT Reaches 2,000 Unique Holders

PEPE Coin Outperforms Top Memecoins! Pepe Price To Pump 100% In March?

ICON (ICX) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

DeFi risk manager Gauntlet partners with Morpho days after dumping Aave

BlackRock Bitcoin ETF Volumes Top $1 Billion For A Second Consecutive Day As BTC Targets $60K

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!