• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

What is NBA Top Shot? A Beginner’s Guide

2023-09-22

Upland and KABOOM! Unite to Address Playspace Inequity

2023-09-22

What Are Bridges in Crypto? Cross-Chain Bridges, Explained – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

2023-09-21
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    U.S. IRS Considers Taxing NFTs Like Other Collectibles

    2023-03-21

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01
  • Metaverse

    Upland and KABOOM! Unite to Address Playspace Inequity

    2023-09-22

    Decentraland Hosts the First Metaverse Architecture Biennale

    2023-09-20

    A Step Towards Global Medical Metaverse Collaboration

    2023-09-18

    Shandong Province Aims for 10% of Global Metaverse Market by 2025

    2023-09-11

    The Future of Workspaces: Clockwise’s Metaverse Campus Unveiled

    2023-09-06
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    Ripple files motion to block SEC appeal attempt

    2023-09-04

    JP Morgan believes SEC will be forced to approve ETFs after losing case against Grayscale

    2023-09-03

    Ripple Files Motion To Oppose SEC Appeal Over Landmark XRP Ruling

    2023-09-03

    U.S. SEC Punts on Bitcoin (BTC) Spot Exchange-Traded Fund Approvals, Delays Decisions Until October

    2023-09-02

    Navigating the significance of legal opinions in the crypto sphere

    2023-09-02
  • Learn

    What is NBA Top Shot? A Beginner’s Guide

    2023-09-22

    What Are Bridges in Crypto? Cross-Chain Bridges, Explained – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    2023-09-21

    SingularityNET (AGIX) Price Prediction 2023 2024 2025

    2023-09-18

    What Are Altcoins? Best Altcoins to Buy  – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    2023-09-08

    Your Guide to the Digital World of ENS Domains – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    2023-09-04
  • Market Cap
CryptoNewsMetaverse
Home»Regulation»New York financial regulator investigates Gemini over FDIC claims: Report
Regulation

New York financial regulator investigates Gemini over FDIC claims: Report

2023-01-31No Comments2 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

New York State’s Department of Financial Services is reportedly investigating cryptocurrency exchange Gemini over claims that the firm made regarding assets in its Earn lending program.

According to a Jan. 30 report from Axios, the “New York State agency that regulates Gemini” — the Department of Financial Services handles firms that fall under the state’s BitLicense regime — was investigating following reports that many users believed assets in their Earn accounts had been protected by the Federal Deposit Insurance Corporation. The government agency previously issued cease and desist orders to five crypto firms making similar claims, including FTX US.

It’s unclear if Gemini may have violated federal laws due to some customers seemingly taking away that the FDIC protected Earn products rather than assets held at financial institutions that are subject to such insurance. Under the Federal Deposit Insurance Act, individuals are prohibited from “representing or implying that an uninsured product is FDIC–insured or from knowingly misrepresenting the extent and manner of deposit insurance.”

Genesis, the crypto lender responsible for operating the Earn program in partnership with Gemini, halted withdrawals in November, citing “unprecedented market turmoil.” The firm subsequently filed for Chapter 11 bankruptcy in January. Reports at the time suggested that up to $900 million in Earn user funds could have been locked.

Since the fallout with the Earn program, Gemini has been the target of regulators and crypto users alike. In January, the U.S. Securities and Exchange Commission charged the exchange with offering unregistered securities through Earn, while a group of investors filed a lawsuit against Gemini founders Tyler and Cameron Winklevoss in December, alleging fraud.

Related: New York State issues guidance for banks seeking to engage in activities with crypto

Cameron Winklevoss has claimed on social media that Barry Silbert — the CEO of Genesis’s parent company, Digital Currency Group — as well as Genesis were responsible for defrauding more than 340,000 users in Gemini’s Earn program. According to the Gemini co-founder, Silbert, DCG, and Genesis orchestrated “a carefully crafted campaign of lies” aimed at covering up the lending firm’s lack of capitalization.

Cointelegraph reached out to the New York Department of Financial Services, but did not receive a response at the time of publication.

Source link

claims FDIC Financial Gemini investigates Regulator report York
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ripple files motion to block SEC appeal attempt

2023-09-04

JP Morgan believes SEC will be forced to approve ETFs after losing case against Grayscale

2023-09-03

Ripple Files Motion To Oppose SEC Appeal Over Landmark XRP Ruling

2023-09-03

U.S. SEC Punts on Bitcoin (BTC) Spot Exchange-Traded Fund Approvals, Delays Decisions Until October

2023-09-02
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Iowa regulator orders BlockFi to pay $943K over alleged unregistered securities offering

2022-06-15

As Anchor protocol sees reduction in APY, here’s what it needs to jump back

2022-05-09

Top 5 Ethereum Tokens To Watch In This December; Here’s List

2022-11-29

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

What is NBA Top Shot? A Beginner’s Guide

2023-09-22

Upland and KABOOM! Unite to Address Playspace Inequity

2023-09-22

What Are Bridges in Crypto? Cross-Chain Bridges, Explained – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

2023-09-21
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$26,290.000.44%
  • ethereumEthereum(ETH)$1,590.960.87%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.04%
  • binancecoinBNB(BNB)$211.501.57%
  • rippleXRP(XRP)$0.500.81%
  • usd-coinUSDC(USDC)$1.000.02%
  • Lido Staked EtherLido Staked Ether(STETH)$1,588.590.86%
  • cardanoCardano(ADA)$0.2465230.98%
  • dogecoinDogecoin(DOGE)$0.0610600.22%