Gemini Exchange
Summary
Gemini is a New York-based cryptocurrency exchange and custodian bank founded in 2015 by Cameron and Tyler Winklevoss, regulated under a NYDFS Limited Purpose Trust Charter. The exchange gained significant notoriety following the collapse of its Gemini Earn lending program in late 2022, which left approximately 340,000 users with roughly $900 million in frozen assets; subsequent SEC and NYDFS enforcement actions were resolved by early 2024 and 2026 respectively with full customer restitution. Gemini went public on the Nasdaq in September 2025 under the ticker GEMI, but its stock has since declined more than 80% amid deepening losses, executive departures, mass layoffs, and a contested post-IPO strategic pivot to prediction markets.
Connected Entities
1 entities · 10 linked investigations- + 11 more
Timeline(21 events)
2013-06-01
Cameron and Tyler Winklevoss publicly announce plans to launch Gemini cryptocurrency exchange
Gemini Wikipedia2015-10-05
NYDFS grants Gemini a Limited Purpose Trust Charter; Gemini launches its Bitcoin exchange
NYDFS Press Release2016-05-05
New York approves Gemini as the first licensed U.S.-based Ethereum exchange
Gemini Wikipedia2021-02-01
Gemini launches Gemini Earn, a crypto lending program in partnership with Genesis Global Capital offering up to 8% APY
SEC Press Release 2023-72022-11-16
Genesis Global Capital suspends Earn withdrawals, freezing approximately $900 million in assets belonging to approximately 340,000 Gemini Earn customers
SEC Press Release 2023-72022-12-01
Third-party data breach linked to Twilio's Authy service exposes personal information of approximately 5.3 million Gemini customers
BleepingComputer2023-01-12
SEC charges Genesis and Gemini with unregistered offer and sale of securities through the Gemini Earn program in the SDNY
SEC Press Release2023-01-19
Genesis Global Capital files for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York
SEC Press Release 2024-372024-02-28
Gemini and NYDFS enter consent order: Gemini pays $37 million fine and commits to returning at least $1.1 billion to Earn customers; also contributes $40 million to Genesis bankruptcy estate
The Block2024-03-19
Genesis agrees to pay $21 million civil penalty to SEC to settle charges related to the Gemini Earn program
SEC.gov2025-01-01
CFTC issues order against Gemini Trust imposing a $5 million penalty and permanent injunction for false statements made to the agency in 2017
CFTC.gov2025-08-16
Gemini publicly files S-1 registration statement with the SEC, targeting Nasdaq under ticker GEMI
The Block2025-08-21
Gemini obtains MiCA license from Malta Financial Services Authority, enabling operations across 30+ EU jurisdictions
CoinDesk2025-09-11
Gemini prices its IPO at $28 per share, raising approximately $425.6 million; valuation approximately $3.3 billion
CNBC2025-09-12
Gemini begins trading on Nasdaq under ticker GEMI, opening at $37.01 — a 32% premium to IPO price
CNBC2026-01-23
SEC files joint stipulation with Gemini to dismiss the Earn lawsuit with prejudice, citing 100% investor recovery through Genesis bankruptcy
CoinDesk2026-02-05
Gemini announces 'Gemini 2.0' pivot: focus on U.S. prediction markets, ~25% workforce reduction, exit from UK, EU, and Australia markets
DeFi Rate2026-02-17
Gemini's CFO, COO, and CLO all depart the company, approximately five months after the IPO
CFO Dive2026-05-14
Winklevoss Capital Fund invests $100 million in Gemini at $14 per share (paid in Bitcoin at ~2.5x market price); shares surge ~25%
Bloomberg2026-05-28
CFTC, under Trump-era leadership, files joint motion with Gemini to vacate the January 2025 $5 million consent order, citing changed enforcement standards
CNBCDecision Log
- hash: 81GNum344CtQERHMQSgGKiqMiJYSfdpJoZr3TJ515mdy
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/31/2026, 1:59:20 PM
last updated: 5/31/2026, 1:59:27 PM
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