![]() ![]() While Gemini’s focus on security and compliance sets it apart, the exchange offers fewer cryptocurrencies than many competitors. Its goal is to establish and maintain user trust by offering a secure, compliant crypto exchange platform. Since its founding, Gemini has operated on four key pillars: product, security, licensing, and compliance. Tyler and Cameron Winklevoss founded New York-based Gemini in 2014 after struggling to find a safe place to hold their cryptocurrency. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed. Consult with a qualified professional before making any financial decisions. Investing in cryptocurrencies, Decentralized Finance (DeFi), and Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Users can also access several products and services, including a cryptocurrency rewards credit card, a built-in hot wallet, and the option to pay their favorite retailers with crypto. In addition to a modest selection of crypto, the platform provides strong account security and compliance measures. Gemini Trust Company LLC is a cryptocurrency exchange offering over 100 assets available to buy, sell, and trade. Trading fees can be high: Gemini’s trading fees are relatively high, especially if you’re trading a small amount of crypto.Only around 100 cryptocurrencies available: Compared with some industry competitors, Gemini offers fewer cryptocurrencies available to buy, sell, and trade.It has several security measures and insurance to help protect user assets. Strong security: Since its founding, Gemini has put a strong emphasis on user security.User funds stored in the wallet are covered in the event of a security breach or hack. Hot wallet insurance: Gemini’s hot wallet is backed by digital asset insurance.states: Unlike some of its competitors, Gemini is available in all 50 U.S. Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors. The attorneys at Nigh Goldenberg Raso & Vaughn are no longer accepting new Gemini Earn clients.Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. The SEC alleged that billions of dollars worth of crypto assets from hundreds of thousands of investors were raised. Securities and Exchange Commission (SEC) charged Genesis Global Capital, LLC for the unregistered offer and sale of securities to retail investors through the Gemini Earn crypto asset lending program. It was estimated that the suspension of crypto assets from Gemini Earn impacted approximately 350,000 Gemini Earn investors that held nearly $1 billion in assets. The lack of liquid assets were blamed on the volatility in the crypto market. In November 2022, it was announced that Gemini Earn investors were being suspended from withdrawing their crypto assets because of a lack of sufficient liquid assets to meet withdrawal requests. By doing so, Gemini earned a fee as high as 4.29% on returns paid to Gemini Earn investors. In February 2021, Gemini began offering the Gemini Earn program to retail investors, where Gemini would transfer investor’s crypto assets to another company. ![]() In December 2020, Digital Currency Group, a subsidiary of Genesis, entered into an agreement to offer Gemini customers, including retail investors in the United States, an opportunity to loan their crypto assets in exchange for a promise to pay interest. Our Attorneys are no longer accepting new Gemini Earn clients. The SEC charged Gemini for the unregistered offer and sale of crypto asset securities through the Gemini Earn lending program. The Gemini Earn lawsuit is to help investors recover money related to assets that are unable to be removed from Gemini Earn.
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