Gemini to Return $1.1 Billion to Earn Customers in Settlement

The settlement with NYDFS includes a $37 million fine and aims to fully compensate affected customers.

Gemini agrees to return at least $1.1 billion to customers of its Earn program as part of a settlement with the New York Department of Financial Services (NYDFS).
The settlement also includes a $37 million fine for Gemini due to significant failures that threatened the company's safety and soundness.
Customers can expect to receive approximately 97% of their assets in kind within about two months, with the remainder over the next year.
The settlement is a result of Gemini's failure to conduct due diligence on Genesis Global Capital, leading to customers being unable to access their assets.
Further action against Gemini by the NYDFS is possible if the company does not fulfill its obligations.