Gemini to Return $1.1 Billion to Customers in NYDFS Settlement
TL;DR
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.
Topics:businesscryptocurrency-finance#cryptocurrency#cryptocurrency-finance#gemini#nydfs#settlement#winklevoss
- Winklevoss crypto firm Gemini to return $1.1bn to customers BBC.com
- 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
- NYDFS settlement with Gemini could deliver $1.1 billion to waiting Earn customers Axios
- Winklevoss Twins' Start-Up Will Pay Burned Customers $1B The Daily Beast
- Winklevoss-led Gemini agrees to return over $1 billion to customers in deal with N.Y. regulator that includes $37 million fine Fortune
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