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## Gemini Crypto Exchange to Refund $1.1 Billion to Customers

Gemini, a cryptocurrency exchange, has agreed to refund at least $1.1 billion to customers of its defunct lending program. This comes as part of a settlement with the New York Department of Financial Services, where Gemini will also pay a fine of $37 million for unsafe and unsound practices.

The Earn program, offered in partnership with Genesis Global Capital, was halted during a market crash in November 2022. This led to Genesis filing for bankruptcy and ongoing litigation between Genesis, Gemini, and Genesis’s parent company, Digital Currency Group.

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This settlement brings hope to Gemini’s Earn customers who have been unable to access their funds since late 2022. The agreement signifies a step towards returning these assets to their rightful owners.

The New York Department of Financial Services has emphasized that further action may be taken against Gemini if they fail to fulfill their obligation of returning the $1.1 billion to customers post Genesis’ bankruptcy resolution.

### Background on Gemini

Run by the Winklevoss twins, Gemini had initiated the Earn program in December 2020, allowing customers to loan their crypto assets to Genesis in exchange for earning interest. However, NYDFS alleges that Gemini neglected to monitor and conduct due diligence on Genesis, leading to the program’s downfall.

In a statement, NYDFS Superintendent Adrienne Harris highlighted the importance of this settlement for Earn customers, ensuring that they receive the assets they entrusted to Gemini.

As the crypto industry continues to evolve, it is crucial for exchanges like Gemini to uphold regulatory standards and prioritize customer protection. This case serves as a reminder of the risks involved in the crypto market and the importance of responsible financial practices.

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