The New York State Department of Financial Services (NYDFS) fined cryptocurrency exchange Gemini Trust Company $37 million over alleged compliance failures related to lapses in safety and soundness.
As part of a settlement, Gemini committed to return at least $1.1 billion to customers of its “Earn” program through bankruptcy proceedings for Genesis Global Capital, the NYDFS announced in a press release Wednesday. Gemini will also contribute $40 million to the Genesis bankruptcy for the benefit of Earn customers.
