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Home BUSINESS

Gemini to Return $1.1 Billion to Customers After Regulatory Settlement

Michael Juanico by Michael Juanico
February 28, 2024
in BUSINESS, CRYPTO
Reading Time: 3 mins read
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  • Gemini agreed to pay a $37 million fine and return over $1 billion to Earn customers as part of a settlement with the NY regulator over issues with Genesis Global Capital.
  • The settlement aims to compensate Earn users who were unable to access their crypto assets after Genesis faced liquidity problems and halted withdrawals.
  • As part of the agreement, Gemini will contribute $40 million to Genesis’ bankruptcy case to help Earn customers receive a full recovery of their digital assets.

Crypto exchange Gemini has agreed to pay a hefty fine to the New York State Department of Financial Services (NYDFS) and return over $1 billion to customers of its Gemini Earn program as part of a settlement with the regulator. The agreement aims to compensate customers who were unable to access their assets after issues with Genesis Global Capital, which offered crypto lending services to Gemini Earn users.

JUST IN: Gemini to pay a $37 million fine and return $1.1 billion to customers of its "Earn" program

— BlockNews.com (@blocknewsdotcom) February 28, 2024

Details of the Settlement

As part of the settlement, Gemini will pay a $37 million fine to the NYDFS for compliance failures related to vetting and monitoring Genesis Global Capital. The exchange will also contribute $40 million towards Genesis’ ongoing bankruptcy proceedings. Additionally, Gemini has committed to working through the bankruptcy process to ensure Earn customers receive a full recovery of their digital assets. According to the NYDFS, over 200,000 Earn customers have been unable to access their cryptocurrency due to Genesis’ financial issues.

Background on Gemini Earn

Gemini launched Earn in 2021, allowing customers to loan their crypto to Genesis Global Capital and earn high interest rates. However, after the collapse of crypto hedge fund Three Arrows Capital and exchange FTX, Genesis faced liquidity issues and was unable to meet customer withdrawals. This left many Earn users unable to access their lent assets. Separately, Gemini and Genesis have faced lawsuits from regulators over the Earn program.

Looking Ahead

The settlement aims to compensate Earn users who entrusted their crypto to Gemini and Genesis. If approved by the bankruptcy court, customers will receive 100% of their digital assets back. While the process has been lengthy, the agreement represents a step towards resolution.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: cryptoFTXGeminiGenesis Global CapitalNew York State Department of Financial Services
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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