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    Mohamed Azharuddin in Crypto News

    04 Mar 05:41 AM


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    Gemini to return at least $1.1B to Earn customers in settlement with NYDFS

    Gemini said that 97% of the assets should be recoverable within two months and the remaining asset balance within the next 12 months.
    Cryptocurrency exchange Gemini and New York State Department of Financial Services (NYDFS) have reached a settlement that will see Gemini return at least $1.1 billion to customers of the Gemini Earn Program through the Genesis bankruptcy proceeding.

    Gemini will also pay a $37 million penalty for multiple compliance failures “that threatened the safety and soundness of the company,” Superintendent Adrienne A. Harris of the NYDFS explained in a Feb. 28 statement.
    If approved by the bankruptcy court, Gemini said it expects Earn users to receive 100% of their cryptocurrency assets back plus appreciation on top of that.

    “If approved, we will be returning over $1.8 billion in value (at today’s prices) — $700 million more than when Genesis halted withdrawals on November 16, 2022.”

    Source - Coin Telegraph

    #Business
    #Gemini
    #Bankruptcy