In February 2021, Gemini announced that Gemini Earn, in partnership with cryptocurrency broker Genesis, would offer a 7.4% return on customer deposits. The suit is seeking to block Gemini and its affiliates from trading commodities and getting further investments, in addition to monetary fines. Also on June 2 Cameron and Tyler Winklevoss announced they would be laying off 10% of the company staff, citing a “contraction phase” known as “crypto winter” in the cryptocurrency industry. On June 2, 2022, the Commodity Futures Trading Commission (CFTC) filed a suit against Gemini based on alleged misrepresentation of the company’s exchange and futures contracts during 2017 meetings with the CFTC. In November 2021, Gemini raised a $400 million investment that values the New York parent company, Gemini Space Station, LLC, at $7.1 billion.
On January 12, 2023, the Securities and Exchange Commission charged Gemini Trust Company with the unregistered offer and sale of securities to retail investors through the Gemini Earn crypto asset lending program. As part of the same action, the SEC also charged Genesis Global Capital, a subsidiary of Digital Currency Group, which held approximately $900 million in investor assets from 340,000 Gemini Earn customers. The SEC is seeking permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties against both Gemini and Genesis.
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