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Updated 11 minutes ago
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Gemini will return at least $1.1bn to customers as part of a settlement with the New York Department of Financial Services (NYDFS).
The company will also pay $37m in fines for significant failures in its defunct lending programme.
The programme, launched in partnership with cryptocurrency lender Genesis Global Capital, was halted in November 2022 after Genesis filed for bankruptcy. Customers have been unable to access their assets since then.
Gemini has been working to advocate for customers and seek the return of their assets. If approved, they will return over $1.8 billion to customers, $700 million more than when the programme was halted.
The company will also contribute $40 million towards the conclusion of Genesis’ bankruptcy proceedings.
In addition to the settlement, the NYDFS has stated that further action could be taken against Gemini if they do not return the full $1.1bn to customers.
Gemini is run by the Winklevoss twins, Tyler and Cameron, who are also known for their legal battle with Facebook and Mark Zuckerberg.
The company was accused of violating securities laws for offering and selling products through the Earn programme, which was launched in 2021.
The US Securities and Exchange Commission is handling the case.