Gemini to Pay $37 Million Fine, Unfreeze Over $1 Billion in Crypto Assets for Earn Customers Under NY Settlement
• Gemini agrees to $37 million fine and returns over $1 billion to Earn customers as part of settlement with NY regulator
• Settlement related to failed Earn program where assets were lent to Genesis Global Capital
• Earn was launched in 2021 and froze customer withdrawals in Nov 2022 amid Genesis bankruptcy
• DFS alleges Gemini failed to conduct proper due diligence on Genesis and made misleading statements
• Over 200,000 Earn customers still have $1.7 billion in crypto assets frozen on the platform