Home Gemini Sued Over Interest-Earning Programme

Gemini Sued Over Interest-Earning Programme

Share
Share

Crypto exchange Gemini is being sued by investors over the sale of interest-earning crypto products, court filings from 27th Dec show.

Investors Brendan Picha and Max J. Hastings filed a class action lawsuit on behalf of themselves and “others similarly situated,” with the U.S. Southern District Court of New York. According to the complaint, they want a jury trial.

According to Picha and Hastings, Gemini’s Earn programme, which offered customers up to 7.4% interest for lending their crypto assets, did not register those assets as securities under US securities law.

According to the filing, Gemini abruptly halted the programme around Nov. 16 after crypto exchange FTX declared bankruptcy, causing a liquidity crisis at Genesis Trading, which served as Gemini’s borrower.

(Reporting by Shikha Singh; Editing by Laxmikant Khanvilkar)

Share

Latest News

Polymarket Under Fire After $520K Drain On Polygon, Team Responds
News

Polymarket Under Fire After $520K Drain On Polygon, Team Responds

Onchain investigator ZachXBT discovered unusual outflows connected to the platform’s UMA CTF Adapter infrastructure, which raised concerns about a possible Polymarket exploit...

South Korea Moves To Scrap 22% Crypto Tax As Lawmakers Push Pro-crypto Shift
News

South Korea Moves To Scrap 22% Crypto Tax As Lawmakers Push Pro-crypto Shift

South Korea is considering dropping its planned 22% cryptocurrency tax after a national petition reached the minimum signature threshold, prompting lawmakers to...

WhiteBIT Launches UK-focused Crypto Platform Amid Rising Adoption
News

WhiteBIT Launches UK-focused Crypto Platform Amid Rising Adoption

WhiteBIT has launched whitebit.uk, a crypto platform for users in the United Kingdom, as the exchange expands into regulated European markets. The...

EU Opens Review Of MiCA Rules Covering Stablecoins & DeFi
News

EU Opens Review Of MiCA Rules Covering Stablecoins & DeFi

The European Commission has started a public consultation to review and possibly update the EU’s Markets in Crypto-Assets (MiCA) regulation, just two...

Latest Blogs

How To Spot The Next Big Memecoin

Inspired by online jokes and viral trends, memecoins are the not-so-serious and rather amusing part of digital coins that thrive on community...

AI & Web3: New Age Careers With High Income Potential?

The smartest move going forward right now is to build a career in next generation internet, AI and Web3. The good news...

Art Of Becoming A Memecoin Master & Staying Ahead

Within the cryptocurrency market, memecoins are a more lighthearted and entertaining segment. They are created from online comedy, viral trends, and jokes....

“Click, Token, Own!” Why RWA Is The Future Of Finance?

A financial revolution, RWA tokenization bringing real-world assets onto blockchain RWA tokenization increases accessibility, quickness and transparency, pushing markets to expand rapidly,...

Related Articles

How To Spot The Next Big Memecoin

Inspired by online jokes and viral trends, memecoins are the not-so-serious and...

AI & Web3: New Age Careers With High Income Potential?

The smartest move going forward right now is to build a career...

Art Of Becoming A Memecoin Master & Staying Ahead

Within the cryptocurrency market, memecoins are a more lighthearted and entertaining segment....

“Click, Token, Own!” Why RWA Is The Future Of Finance?

A financial revolution, RWA tokenization bringing real-world assets onto blockchain RWA tokenization...