Gemini reaches settlement with NYDFS, will pay $37 million in fines

Odaily News The New York State Department of Financial Services (NYDFS) announced a settlement with Gemini, which will return at least $1.1 billion to Gemini Earn plan customers through the Genesis bankruptcy process. Gemini will also pay a $37 million fine to NYDFS for multiple violations. Gemini also agreed to coordinate with the bankruptcy court to provide $40 million in financial support for Genesis bankruptcy proceedings. As part of the settlement, the Justice Department has the authority to take further action against Gemini if ​​it fails to meet its obligation to return at least $1.1 billion to Earn customers following GGCs bankruptcy resolution. Gemini is committed to completing the bankruptcy proceedings to ensure Earn customers fully recover their cryptocurrencies.