Gemini said that 97% of the assets should be recoverable within two months and the remaining asset balance within the next 12 months.
Cryptocurrency exchange Gemini and New York State Department of Financial Services (NYDFS) have reached a settlement that will see Gemini return at least $1.1 billion to customers of the Gemini Earn Program through the Genesis bankruptcy proceeding.
Gemini will also pay a $37 million penalty for multiple compliance failures “that threatened the safety and soundness of the company,” Superintendent Adrienne A. Harris of the NYDFS explained in a Feb. 28 statement.
Harris noted the NYDFS could bring further action against Gemini if it fails to fulfill its obligations.
