Gemini Agrees to Return $1.1 Billion to Crypto Customers in Settlement
TL;DR Summary
Cryptocurrency exchange Gemini has agreed to pay back $1.1 billion to customers as part of a settlement with New York’s Department of Financial Services, following compliance and management issues related to its Earn program. The program allowed customers to loan their cryptocurrency to Genesis Global Capital, but when Genesis defaulted on loans, around 200,000 customers were unable to access their funds. Gemini has promised to return 100% of digital assets back to customers and faces a separate lawsuit alleging losses of $3 billion.
- Crypto firm Gemini to pay over $1 billion back to customers in settlement The Verge
- Superintendent Adrienne A. Harris Secures Commitment from Gemini Trust Company, LLC to Return at Least $1.1 Billion to Earn Program Customers DFS.NY.gov
- Bitcoin billionaire Winklevoss twins will have to give $1.1B back to crypto customers Quartz
- Crypto Exchange Gemini to Return $1.1 Billion to Customers in Regulator Settlement The Wall Street Journal
- Gemini settles with NY regulators, will return $1B to Earn customers via Genesis bankruptcy Blockworks
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