Gemini agrees to return $1.1 billion to Earn customers as part | Trade Crypto Now
Gemini agrees to return $1.1 billion to Earn customers as part of NYDFS settlement
The New York State Department of Financial Services (NYDFS) reached a settlement agreement with Winklevoss-owned crypto exchange Gemini. The NYDFS announced the settlement in a press release published on Feb. 28. The regulator said that Gemini failed to protect its customers adequately and had multiple compliance issues. As part of the settlement, Gemini has also agreed to contribute $40 million towards the Genesis bankruptcy proceedings, which will benefit Earn Program customers directly.
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