Silbert has dismissed the allegations as a publicity stunt. All 26 assets on the exchange are supported by the program. Shutterstock image by Primakov Key Takeaways Gemini Earn will offer yield up to 7.4 APY. As a result of the decline in demand for their popular yield product, the Winklevoss twins have accused Silbert of fraud in his company’s administration of Genesis. 2, 2021 The New York-based exchange has inaugurated an interest-earning program called Gemini Earn. Based in NYC since 2014 Available in 70+ countries. This lawsuit is the most recent development in the high-stakes CEO struggle pitting the Winklevoss twins of Gemini against DCG CEO Barry Silbert. Gemini is a full-reserve and highly-regulated cryptocurrency exchange and custodian. Consequently, investors lacked important information regarding the Gemini Earn program related to their investment decisions. The lawsuit states that the defendants “offered and sold the Gemini Earn Agreements through the Gemini Earn Program without registering” with securities regulators. The complaint seeks permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties. Investors Sue Gemini Crypto Exchange, Winkelvoss Twins The lawsuit claims Gemini left out information regarding the risks of high-interest accounts. The alleges Gemini and Genesis violated securities laws through the unregistered offering of the Gemini Earn lending program. Gemini is launching an interest-earning program. Loans made through the program are not secured. ![]() However, the program will become available to all US customers in early February. ![]() The authority charged that the popular program was an unregistered security. Gemini Interest Accounts No security breaches Accessible via mobile and PC Have their own currency: Gemini Dollar Huge range of assets to earn interest on. Gemini Earn will offer yield up to 7.4 APY. The SEC reported that 340,000 Gemini Earn clients and around $900 million in crypto were left in limbo when Genesis abruptly stopped financing withdrawals in November. By lending deposits to Genesis, Gemini earned interest on billions of dollars in cryptocurrency. Hundreds of thousands of American investors put their cryptocurrency in the hands of Gemini Earn, a yield-bearing product that has now come under fire from the investment watchdog.
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