NewsletterBreaking: US SEC Sues Winklevoss Twin’s Crypto Exchange Gemini
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.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- First Chainlink ETF Sees Massive Investor Activity with $41M in Inflows on Launch
- $12T Charles Schwab to Launch Bitcoin and Ethereum Trading in Early 2026, CEO Confirms
- Senator Tim Scott Floats December 17 and 18 For Crypto Market Bill Markup
- BlackRock CEO Larry Fink Admits He Was Wrong on Bitcoin as IBIT Hits New Milestone
- Crypto Platform Polymarket Relaunches in U.S. Following CFTC Approval
- Dogecoin Price Holds $0.15: Bullish Reversal or Just a Temporary Bounce?
- Sui Price Surges 10% As Vanguard Group Adds SUI to Bitwise 10 Crypto Index
- Bitcoin Price Prediction: Will Next Bull Run Push BTC to $100,000?
- Pepe Coin Price Risks 80% Crash as Alarming Pattern Forms and 6.5T Inflows
- Chainlink Price Surges 20%: What’s Driving Massive Upswing?
- Solana Price Poised for 25% Rally as ETF Inflows Surge Past $650M
