Sign Up on MEXC
As reported by financial time, U.S. SEC today sued crypto trading group Gemini and Genesis. The charges have specifically been filed for Gemini’s earn program that allows crypto traders to earn interest over their deposited crypto tokens. SEC claims that crypto lending scheme offered by Gemini were not properly registered as securities.
Trending: Barry Silbert’s DCG Owes Over $3 Billion To Creditors
Gemini And Genesis Under SEC Scanner
Earlier today, SEC enforcement action announced that Gemini and Genesis group are being sued for not registering their crypto lending program properly as securities. SEC claims that Gemini charged agent fees as high as 4.29% for facilitating the scheme.
During the FTX crisis, Genesis disabled withdrawals citing insufficient liquidation as a result of crypto market crash. Following this investors have not been able to withdraw their funds till date.
Not only this, Gemini Co-founder Cameron Winklevoss and DCG CEO Barry Silbert are already at cross roads. In a recent public outage Gemini Co-founder demanded firing Barry Silbert. DCG group owns Genesis along with media outlet coindesk and investment manager Grayscale.
- Bitcoin’s Bull Cycle May Peak This Month, Peter Brandt Says
- Ethereum Whales Buy $204M ETH Amid Rebound Above $4,400
- SOL Rises as Nasdaq-listed Forward Completes $1.65B Raise For Solana Treasury
- Breaking: U.S. CPI Inflation Rises To 2.9% YoY, Bitcoin Reacts
- Over $4 Billion in Bitcoin and Ethereum Options Expiring After US CPI
- Pi Network Price Wyckoff Theory Signals a Surge as One Whale Keeps Buying
- ETH Price Prediction As Bitmine and SharpLink Continue ETH Buying Spree- Analyst Predicts $7K Next
- AVAX Price Prediction as Avalanche $1B Treasury Gains Momentum – Is $55 in Sight?
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
