Gemini Agrees to Return $1.1bn to Customers After Crypto Lending Program Shutdown
Gemini, a cryptocurrency exchange, has agreed to refund over $1 billion to customers following the closure of its lending program.
The company also faces a $37 million fine for regulatory violations.
The New York Department of Financial Services (NYDFS) intervened due to concerns over customer assets after a partner company, Genesis Global Capital, faced financial trouble.
Gemini’s efforts to recover funds aim to benefit affected customers, but further regulatory actions could follow if the full refund isn’t completed.
Gemini’s troubles highlight the challenges and risks associated with cryptocurrency investments.
(Credit: BBC)
https://www.bbc.com/news/business-68432478