Gemini to return at least $1.1B to Earn customers in settlement with NYDFS

Gemini said that 97% of the assets should be recoverable within two months and the remaining asset balance within the next 12 months.

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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.

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