Gemini to Return $1.1 Billion to Customers in NYDFS Settlement

Cryptocurrency exchange Gemini has agreed to return at least $1.1bn to customers of its defunct lending programme as part of a settlement with the New York Department of Financial Services (NYDFS), following significant failures in its Earn programme. The company will also pay a $37m fine and contribute $40m to the conclusion of Genesis' bankruptcy. Gemini, co-founded by the Winklevoss twins, has been embroiled in extensive litigation with Genesis Global Capital, and the settlement brings customers one step closer to regaining access to their funds.