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Crypto firm Genesis to pay $1.1 billion back to customers | CNN Business
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 New York regulator.
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 New York regulator. Gemini will also pay a $37 million fine to the regulator “for significant failures that threatened the safety and soundness of the company,” the New York Department of Financial Services (NYDFS) said in a statement Wednesday. In a Wednesday blog post, the crypto exchange said that due to the settlement, customers of its lending program, Gemini Earn, would receive 100% of their digital assets back in kind plus any appreciation in value.
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