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New York may soon require licensed crypto firms to pay assessment fees. The New York Senate passed by 2023 budget on 9 April, granting the New York Department of Financial Services (NYDFS) to charg...
Apex Fintech Solutions, the parent company of Apex Clearing Corporation, has announced on Tuesday that the New York State Department of Financial Services (NYDFS) approved the application of Apex C...
Gemini Trust, owned and controlled by the Winklevoss twins, has settled with the New York State Department of Financial Services (DFS), committing to return $1.1 billion to the Earn customers, 100 percent of their locked-up holdings.
Settlement amid Monetary Commitments
Announced yesterday (Wednesday), Gemini will contribute $40 million towards the bankruptcy proceedings of Genesis, which provided services for the Earn program. Under the settlement, another $37 million will go to the New York regulator as a penalty for significant failures that threatened the safety and soundness of the company.
Gemini failed to conduct due diligence on an unregulated third party, later accused of massive fraud, harming Earn customers who were suddenly unable to access their assets after Genesis Global Capital experienced a financial meltdown, said the Superintendent of the DFS, Adrienne Harris.
Todays settlement is a win for Earn customers, who have a right to the assets they entrusted to Gemini.
Earn Update: Today, we are pleased to announce that we have finally reached a settlement in principle with Genesis and other creditors in the Genesis Bankruptcy that will, if approved by the Bankruptcy Court, result in all Earn users receiving 100% of their digital assets back in
GeminiTrustCo (@GeminiTrustCo) February 28, 2024A Questionable Scheme
Under the Earn program, customers received interest against their digital assets, which were loaned to other customers. Gemini received the digital assets from the Earn customers and loaned them to Genesis, which later lent the assets to other counterparties. The program was launched in February 2021 and attracted over 200,000 customers, including about 30,000 New Yorkers.
The DFS has already settled fraud charges against now-bankrupt Genesis. That settlement ensured that assets about to go to the state regulator would be returned to former Earn customers and other Genesis creditors instead. Genesis also had to return its BitLicense and exit operations in the state.
The New York regulator further pointed out that apart from the Earn program, Geminis unsafe and unsound practices also threatened the company's financial health. The investigation found that an unregulated affiliate of Gemini collected hundreds of millions of dollars in fees from Gemini customers, ultimately weakening the companys financial stability.
If, under the latest settlement, Gemini fails to return the proceeds to Earn customers, the DFS will take further action against the company. Gemini has committed to working through Genesis' bankruptcy process to ensure full recovery of Earn customers' assets.
This article was written by Arnab Shome at www.financemagnates.com.
Adena Friedman, CEO of Nasdaq, the international securities marketplace, announced that the firm is postponing its cryptocurrency custody plans due to the United States’ “regulatory environment.” During a Q2 earnings call, Friedman disclosed that Nasdaq aimed to launch the service last quarter, but it has been put on hold. U.S. ‘Regulatory Environment’ Forces Nasdaq to [...]
The post Nasdaq Halts Crypto Custody Plans Amid Tough US Regulatory Environment appeared first on Crypto Breaking News.
Cryptocurrency trading platform Coin Cafe has been ordered to repay $4.3 million to its users after allegedly charging “exorbitant and undisclosed fees” for storing Bitcoin on the platform — leading to some accounts being drained entirely of its funds. Based in Brooklyn, Coin Cafe initially filed an application for a virtual currency license with the [...]
The post Coin Cafe to repay $4.3M in fees that ‘wiped out’ investors’ Bitcoin accounts appeared first on Crypto Breaking News.
Makerdao’s DAI stablecoin is now the third-largest stablecoin by market capitalization, surpassing Binance USD (BUSD), which has officially declined to $4.304 billion. DAI’s market valuation on Friday, June 16, 2023, is approximately $4.394 billion, but the number of circulating DAI has decreased by 5.7% since last month. Stablecoin Rankings Shuffle: DAI Ascends to Third-Largest Stablecoin [...]
The post DAI Emerges as Third-Largest Stablecoin, Overtaking BUSD in Market Capitalization appeared first on Crypto Breaking News.
The decision to close down Signature Bank had “nothing to do with crypto,” said the New York State Department of Financial Services, the regulator that took possession of the troubled bank on Sunday. The financial watchdog insisted that its decision to put Signature Bank in receivership “was based on the current status of the bank [...]
The post Signature Bank Closure Has Nothing to Do With Crypto, Says Regulator appeared first on Crypto Breaking News.
Adrienne A. Harris, the superintendent of New York’s Department of Financial Services, has branded as “ludicrous” the claims that the closure of Signature Bank was related to its crypto business. Harris insisted that the bank’s “high percentage of uninsured deposits” and insufficient liquidity were some of the reasons why it was closed. Signature Bank’s Liquidity [...]
The post New York Regulator Calls Crypto Theories Associated With Signature Bank Closure ‘Ludicrous’ appeared first on Crypto Breaking News.
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