Gemini Exchange to Return $1.1 Billion to Customers
TL;DR Summary
Gemini Trust, a cryptocurrency exchange, has agreed to return at least $1.1 billion to customers of its defunct lending program and pay a $37 million fine to the New York Department of Financial Services for "significant failures." The exchange will also face further action if it fails to fulfill its obligations. The settlement comes after the collapse of its lending partner, Genesis Global Capital, and amidst legal troubles, including a separate lawsuit filed by New York's attorney general.
Topics:business#cryptocurrency#cryptocurrency-exchange#gemini-trust#lending-program#new-york-regulator#settlement
- Crypto exchange Gemini to pay $1.1 billion back to customers CNN
- 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
- Winklevoss Twins' Start-Up Will Pay Burned Customers $1B The Daily Beast
- Winklevoss's Gemini to Return $1.1 Billion to Customers in New York Settlement Bloomberg
- Live news: Crypto exchange Gemini agrees to return $1.1bn to users Financial Times
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