Crypto exchange Gemini agrees to return $1.1 billion to customers in regulatory settlement
A man walks past the logo of Gemini Trust
Cryptocurrency exchange Gemini has reached a settlement with the New York Department of Financial Services (NYDFS), agreeing to refund at least $1.1 billion to customers impacted by its discontinued lending program, Reuters reported.
As part of the settlement, Gemini will also pay a fine of $37 million for what the regulator deemed as unsafe and unsound practices.
The resolution marks a step towards addressing concerns surrounding Gemini's Earn program, which was suspended amidst a cryptocurrency market crash in November 2022, leading to subsequent bankruptcy filings by partner firm Genesis Global Capital.
NYDFS highlighted that the settlement was aimed to ensure the prompt return of funds to affected Gemini customers.
The regulator retained the authority to pursue further action against Gemini if the company fails to fulfill its obligation of reimbursing customers following the resolution of Genesis' bankruptcy proceedings.
Gemini has committed to contributing $40 million towards concluding Genesis' bankruptcy, with the aim of benefiting Earn program participants.
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Gemini's Earn program, developed in collaboration with Genesis Global Capital, enabled customers to earn interest by loaning their cryptocurrency assets.
However, the program's termination due to market volatility left customers unable to access their funds, leading to legal disputes between Genesis, Gemini, and Genesis's parent company, Digital Currency Group.
NYDFS criticised Gemini's failure to conduct adequate due diligence on Genesis, noting the repercussions for Earn program participants amidst Genesis's financial turmoil.
NYDFS Superintendent Adrienne Harris condemned Gemini's lapses in due diligence, citing the harm inflicted on Earn program participants due to the collapse of Genesis Global Capital.
Harris hailed the settlement as a victory for affected customers, affirming their right to retrieve assets entrusted to Gemini.
Meanwhile, Gemini expressed gratitude towards NYDFS for facilitating the settlement, highlighting its efforts to advocate for Earn users' asset recovery.
(With inputs from Reuters)