Winklevoss crypto firm Gemini to return $1.1bn to customers Published
Cryptocurrency exchange Gemini has agreed to return at least $1.1bn (£870m) to customers of its defunct lending programme as part of a settlement with the New York Department of Financial Services (NYDFS). The company will also pay a $37m fine for "significant failures". Gemini's Earn programme was halted during a crypto crash in November 2022. The exchange was co-founded by twins Tyler and Cameron Winklevoss - known for their legal dispute with Facebook. "Gemini failed to conduct due diligence on an unregulated third party, later accused of massive fraud, harming Earn customers who were suddenly unable to access their assets after Genesis Global Capital experienced a financial meltdown," NYDFS Superintendent Adrienne Harris said in a statement. "Today's settlement is a win for Earn customers, who have a right to the assets they entrusted to Gemini." The NYDFS also said it could bring further action against Gemini if it did not return at least ...