Winklevoss crypto firm Gemini to return $1.1bn to customers - BBC News

Gemini was co-founded by twins Tyler and Cameron Winklevoss - known for their legal dispute with Facebook.

10 hours agoShareclose panelShare pageCopy linkAbout sharingImage source, Getty ImagesImage caption, Tyler Winklevoss and Cameron WinklevossBy Peter HoskinsBusiness reporterCryptocurrency 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.

https://www.bbc.co.uk/news/business-68432478

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