Crypto exchange Gemini to pay $1.1 billion back to customers
CNN
Gemini Trust, a cryptocurrency exchange founded by Cameron and Tyler Winklevoss, will return at least $1.1 billion to customers of its now shuttered lending program, following a settlement with a New York regulator.
Gemini Trust, a cryptocurrency exchange founded by Cameron and Tyler Winklevoss, will return at least $1.1 billion to customers of its now shuttered lending program, following a settlement with a New York regulator. Gemini will also pay a $37 million fine to the regulator “for significant failures that threatened the safety and soundness of the company,” the New York Department of Financial Services (NYDFS) said in a statement Wednesday. NYDFS has the right to “bring further action against Gemini if the company does not fulfill its obligation,” it said in the statement. Gemini is run by the Winklevoss twins, who are best known for spending years in litigation accusing Meta’s (META) Mark Zuckerberg of stealing their idea for Facebook and eventually received a $65 million settlement. In a Wednesday blog post, the crypto exchange said that due to the settlement, customers of its lending program, Gemini Earn, would receive 100% of their digital assets back in kind plus any appreciation in value. Gemini Earn marketed itself as a low-risk investment in which customers could lend crypto assets to another firm, Genesis Global Capital (GGC), while earning interest payments as high as 8%.
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