Breaking: US SEC Sues Winklevoss Twin’s Crypto Exchange Gemini

As reported by financial time, U.S. SEC today sued crypto trading group Gemini and Genesis. The charges have specifically been filed for Gemini’s earn program that allows crypto traders to earn interest over their deposited crypto tokens. SEC claims that crypto lending scheme offered by Gemini were not properly registered as securities.

Gemini And Genesis Under SEC Scanner

Earlier today, SEC enforcement action announced that Gemini and Genesis group are being sued for not registering their crypto lending program properly as securities. SEC claims that Gemini charged agent fees as high as 4.29% for facilitating the scheme.

During the FTX crisis, Genesis disabled withdrawals citing insufficient liquidation as a result of crypto market crash. Following this investors have not been able to withdraw their funds till date.

Not only this, Gemini Co-founder Cameron Winklevoss and DCG CEO Barry Silbert are already at cross roads. In a recent public outage Gemini Co-founder demanded firing Barry Silbert. DCG group owns Genesis along with media outlet coindesk and investment manager Grayscale.

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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