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New York Attorney General Reaches $50,000,000 Settlement With Crypto Exchange Gemini Over Fraud Allegations

New York Attorney General Reaches ,000,000 Settlement With Crypto Exchange Gemini Over Fraud Allegations

New York Attorney General Letitia James is settling with crypto exchange Gemini over fraud allegations for $50 million. In a new press release, James says she’s recovered $50 million worth of digital assets on behalf of 230,000 investors allegedly defrauded through Gemini’s Earn program, which had the firm partnering up with crypto lender Genesis to […]

The post New York Attorney General Reaches $50,000,000 Settlement With Crypto Exchange Gemini Over Fraud Allegations appeared first on The Daily Hodl.

Democratic SEC Commissioner Jaime Lizárraga Announces Plan To Step Down, Following Gary Gensler’s Footsteps

New York Recovers $50 Million From Gemini — Bans the Exchange From Crypto Lending in the State

New York Recovers  Million From Gemini — Bans the Exchange From Crypto Lending in the StateNew York Attorney General Letitia James has secured a $50 million settlement from cryptocurrency exchange Gemini for Earn program investors. This settlement ensures that all defrauded investors will fully recover the assets they invested but were unable to withdraw when the program collapsed. Additionally, Gemini is now banned from operating any crypto lending program in […]

Democratic SEC Commissioner Jaime Lizárraga Announces Plan To Step Down, Following Gary Gensler’s Footsteps

Coin-for-Coin Payback — Gemini Announces Full Recovery of Crypto Assets for Earn Users After Genesis Settlement

Coin-for-Coin Payback — Gemini Announces Full Recovery of Crypto Assets for Earn Users After Genesis SettlementGemini has reached a settlement with Genesis and other creditors within the Genesis bankruptcy proceedings, promising a full in-kind return of digital assets to Earn program users. This resolution, pending bankruptcy court approval, signifies a major victory for users, with over $1.8 billion in assets set to be returned. Potential Full Crypto Asset Recovery for […]

Democratic SEC Commissioner Jaime Lizárraga Announces Plan To Step Down, Following Gary Gensler’s Footsteps

Crypto Lender Genesis Agrees to $21 Million Civil Penalty To Settle Gemini Earn SEC Lawsuit: Report

Crypto Lender Genesis Agrees to  Million Civil Penalty To Settle Gemini Earn SEC Lawsuit: Report

Bankrupt crypto lender Genesis is reportedly agreeing to pay a $21 million civil fine to settle with the U.S. Securities and Exchange Commission (SEC) over the now-defunct Gemini Earn program. According to a new report by Reuters, the settlement will allow Genesis to focus on repaying customers and creditors instead of having to defend itself […]

The post Crypto Lender Genesis Agrees to $21 Million Civil Penalty To Settle Gemini Earn SEC Lawsuit: Report appeared first on The Daily Hodl.

Democratic SEC Commissioner Jaime Lizárraga Announces Plan To Step Down, Following Gary Gensler’s Footsteps

Crypto Exchange Gemini Slams SEC in New Court Brief in Lawsuit Over Earn Program

Crypto Exchange Gemini Slams SEC in New Court Brief in Lawsuit Over Earn Program

Crypto exchange Gemini is calling out the U.S. Securities and Exchange Commission (SEC) in its lawsuit over the platform’s Earn program. In a lengthy post, Gemini lawyer Jack Baughman says that the SEC’s lawsuit targeting the protocol’s Earn program, which allowed customers to loan their digital assets to crypto firm Genesis as a means of […]

The post Crypto Exchange Gemini Slams SEC in New Court Brief in Lawsuit Over Earn Program appeared first on The Daily Hodl.

Democratic SEC Commissioner Jaime Lizárraga Announces Plan To Step Down, Following Gary Gensler’s Footsteps

Gemini Plans To Contribute $100,000,000 To Earn Users As Crypto Exchange Strikes Deal in Principle With Genesis

Crypto Exchange Gemini Slams SEC in New Court Brief in Lawsuit Over Earn Program

A top executive of crypto exchange Gemini is announcing a deal that could see users of its Earn program get back their digital assets that were loaned to crypto broker Genesis. Gemini co-founder Cameron Winklevoss says that Gemini has signed an agreement with Genesis, its parent company Digital Currency Group, and other creditors that would […]

The post Gemini Plans To Contribute $100,000,000 To Earn Users As Crypto Exchange Strikes Deal in Principle With Genesis appeared first on The Daily Hodl.

Democratic SEC Commissioner Jaime Lizárraga Announces Plan To Step Down, Following Gary Gensler’s Footsteps

Swyftx to chop its ‘Earn’ program this week, citing murky regulations

Australian crypto exchange Swyftx has decided to close its Earn program due to a lack of clarity around crypto products regulation.

Australian crypto exchange Swyftx is set to shutter its crypto-interest product this week, citing a “constantly changing regulatory landscape” for crypto products in the country. 

From Jan. 10, the crypto exchange will cease to operate the “Earn” program, with users having their entire Earn balances returned to their trade wallets.

Swyftx said while the decision might be “disappointing” for users, it is “committed to doing what is best for the program in the near term.”

“While we believe in the value and potential of cryptocurrency, what we currently need is greater clarity on the regulation of crypto offerings such as Earn.”

The announcement was posted by Swyftx on Dec. 27 but went largely unnoticed at the time given the holidays. 

The news comes just weeks after Australian regulators launched actions against fintech firm Block Earner as well as Finder.com’s crypto yield products for allegedly being offered without the required licensing.

Swyftx has not permanently closed the door on Earn though, with the exchange saying it would consider re-opening the program once the rules are more straightforward.

In a statement to Cointelegraph, Swyftx said it was closing its Earn offering due to “uncertainty of the current regulatory context.”

“We hope to reopen it once we have settled rules in place in Australia around interest-yielding crypto offerings.  In the meantime, our priority is to continue to positively engage with regulators and the government to protect existing and future Aussie crypto users,” it added. 

First launched in May, Swyftx’s Earn program allowed users to earn daily interest on certain crypto tokens by loaning them to Swyftx.

Related: Superhero cans merger with Swyftx, citing regulatory scrutiny

The Australian Securities & Investments Commission has been actively eyeing down Australian crypto product providers in recent months.

In addition to the actions against Block Earner and Finder.com in November and December, it also took action against the creators of the Qoin token in October last year for “misleading” representations of its token.

The Australian federal government has also stepped up efforts to regulate the crypto sector. 

In December, the Australian Labor Government announced it would release a consultation paper in early 2023 as part of its token mapping initiative.

Australian Treasurer Jim Chalmers said the consultation paper would cover how certain crypto assets should be regulated alongside frameworks for company licensing, asset custody and consumer protections.

Update Dec. 9, 6:22am UTC: Added a statement from Swyftx.

Democratic SEC Commissioner Jaime Lizárraga Announces Plan To Step Down, Following Gary Gensler’s Footsteps

Gemini Forms Creditors Committee With Houlihan Lokey to Resolve Genesis Liquidity Issues

Gemini Forms Creditors Committee With Houlihan Lokey to Resolve Genesis Liquidity IssuesRoughly two weeks ago a report from the Financial Times (FT) claimed Genesis Global Capital owed $900 million to Gemini customers and the publication’s sources noted that the exchange was attempting to recover the funds by creating a creditors committee. 31 days after Gemini paused the Earn program’s withdrawals, Cameron Winklevoss tweeted that it has […]

Democratic SEC Commissioner Jaime Lizárraga Announces Plan To Step Down, Following Gary Gensler’s Footsteps