Former Gemini employees told The Beast that Gemini Earn’s terms and conditions were highly dubious from the outset. One staffer recalled reading the fine print for the first time, saying, “[We] were like, ‘Holy shit, are you f––ing kidding me?’”
,” meaning roughly 340,000 customers could no longer access their funds. Those assets, estimated at $900 million in total, are still stuck in limbo.
“Today’s charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,” Gary Gensler, the SEC’s chair, said in“Doing so best protects investors,” he added. “It promotes trust in markets. It’s not optional. It’s the law.”
Former Gemini employees told The Beast that Gemini Earn’s terms and conditions were highly dubious from the outset. One staffer recalled reading the fine print for the first time, saying, “[We] were like, ‘Holy shit, are you fucking kidding me?’” Among those terms: Customer assets were loaned out on “an unsecured basis,” which meant that their money would not be safe in the event of a market collapse. The deposits were also not insured, nor were they guaranteed against errors or fraudulent activity. Promised investment returns could also change at any time.their amateurish cover band“They laid off 10 percent of their staff,” one former employee told The Daily Beast at the time, “and then they went on tour with their rock band.
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