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Violation Tracker Individual Record

Company: Gemini Trust Company, LLC
Penalty: $1,137,000,000
Year: 2024
Date: February 28, 2024
Offense Group: financial offenses
Primary Offense: investor protection violation
Violation Description: Gemini agreed to return at least $1.1 billion to customers and pay a $37 million fine in settlement of allegations it failed to conduct due diligence on Genesis Global Capital, an unregulated third party that allowed Gemini customers to loan their virtual currency and receive interest payments. Genesis defaulted on its loans and declared bankruptcy in 2023.
Level of Government: state
Action Type: agency action
Agency: New York Department of Financial Services
Civil or Criminal Case: civil
Facility State: New York
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.