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Amid the last bull cycle, Gemini, which had largely operated as an exchange, launched its ill-fated Earn program that allowed customers to lend out cryptocurrencies for a yield of up to 13%.
Gemini Trust Company, LLC (Gemini) is an American cryptocurrency exchange and custodian bank.It was founded in 2014 by Cameron and Tyler Winklevoss. [4] [5] [6]In 2023, the company, along with two others, was sued by the New York attorney general Letitia James under allegations that it had "defrauded" investors by exposing them to undue risk.
These are dark days for crypto exchanges with Gemini at the end of a lawsuit and Binance embroiled in more regulatory scrutiny. Gemini Exchange Sued by Retirement Investment Firm Over $36M Hack ...
The Commodity Futures Trading Commission alleged Gemini employees misled the agency when the company was evaluating a potential Bitcoin futures contract.
In June 2020, an Ontario Securities Commission report found that QuadrigaCX, believed to be Canada's largest cryptocurrency exchange, was a Ponzi scheme after millions of dollars disappeared following the apparent death of founder Gerald Cotten. It was revealed that Cotten had operated multiple accounts under aliases, credited with 'fictitious ...
NEW YORK (Reuters) -Gemini Trust Company agreed to pay a civil penalty of $5 million to settle U.S. Commodity Futures Trading Commission charges in connection with statements it made in connection ...
In 2019, Bankman-Fried had the idea of starting a cryptocurrency exchange to help bring in revenue to fund Alameda's activities and founded FTX. [19] Bankman-Fried was the CEO of both companies until he formally stepped down from his position at Alameda in October 2021, promoting traders Caroline Ellison and Sam Trabucco to co-CEOs. [20]
Gemini Trust, a cryptocurrency exchange founded by Cameron and Tyler Winklevoss, will return at least $1.1 billion to customers of its now shuttered lending program, following a settlement with a ...