Crypto Exchange Gemini

According to a report from Axios on Monday, the New York Department of Financial Services is investigating crypto exchange Gemini over claims it made about the security of its customers' assets.

Gemini reportedly repeatedly argued last year that the assets of its customers using its fun Earn product were safe because they were backed by the Federal Deposit Insurance Corporation. The finance company prohibits implying that the product is not FDIC insured. - insured.

Last November, Gemini stopped withdrawals from its Earn product due to the fallout from another exchange, FTX.

According to estimates, about 900 million dollars will be frozen on the platform as a result. Gemini blamed the shutdown on a similar freeze at crypto lender Genesis, where Gemini invested its clients' funds. Genesis and CoinDesk are owned by crypto conglomerate Digital Currency Group.
Author: GEximius