New York Financial Services Authority investigates Gemini for possible misrepresentation

The Gemini cryptocurrency exchange will be the subject of an investigation by the New York financial regulator into its assertions regarding the assets of its Earn program.

According to a report by Axios and Jan. Following comments from a number of users that their assets in Earn accounts are FDIC-insured, the "New York agency that regulates Gemini" is looking into the matter. Using similar accusations, the government agency has obtained cease and desist orders against five cryptocurrency companies. One of these cryptocurrency businesses is FTX US.

It's still unclear whether Gemini broke US law because some customers appear to have believed Earn's products are FDIC-insured. According to the US Deposit Insurance Act, it is illegal to knowingly misrepresent whether or how much coverage is offered by the FDIC, or to imply that an uninsured product is covered by the FDIC.

Payments were halted in November due to "unprecedented market turmoil," according to the cryptocurrency lending company Genesis, which operated the program alongside Gemini. The business then declared bankruptcy in January. Up to 900 million dollars in user funds from the Earn program were said to have been rendered inaccessible at the time.

Regulators and cryptocurrency users have been harsh in their criticism of Gemini since the Earn program came to an end. The US Securities and Exchange Commission filed a lawsuit against the exchange in January for selling unregistered securities through Earn. Investors have also filed a lawsuit against Tyler and Cameron Winklevoss, the brothers who founded Gemini, alleging fraud.

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