Winklevoss crypto firm Gemini to return $1.1bn to customers

Cryptocurrency exchange Gemini, co-founded by the Winklevoss twins, has agreed to return at least $1.1 billion to customers of its defunct lending program as part of a settlement with the New York Department of Financial Services (NYDFS). The company will also pay a $37 million fine for “significant failures”. Gemini’s Earn program was halted during a crypto crash in November 2022. The NYDFS could bring further action against Gemini if it does not return at least $1.1 billion to customers. Gemini said it had “worked tirelessly over the past 15 months to advocate for Earn users and seek the return of their assets”.

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