Should i use gemini earn6/30/2023 ![]() “We are gluttons for thoughtful regulation and licensing,” Cameron Winklevoss told Fortune. regulators, including receiving a trust charter from the New York Department of Financial Services in 2015. The service is targeted at both retail and institutional traders and will exclude the U.K. By launching outside the U.S., Gemini’s new platform allows users to trade Bitcoin perpetual contracts with up to 100x leverage, or the amount they can multiply their exposure, with plans to also launch Ether perpetuals in the coming weeks. Tyler Winklevoss described derivatives as an important offering for marketplaces, as they allow users to hedge and manage risk. Some crypto platforms, like Binance, have a special U.S. Join us on Telegram and follow us on Google News.Because crypto derivatives trading is highly restricted in the U.S., exchanges focus on spot markets, or trading on the current price of assets. Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from Blockworks Research’s Daily Debrief.Ĭan’t wait? Get our news the fastest way possible. Subscribe to Blockworks’ free newsletter now. Get the day’s top crypto news and insights delivered to your email every evening. Gemini, DCG and Genesis have not responded to Blockworks’ request for comment. “There is no path forward as long as Barry Silbert remains CEO of DCG,” Winklevoss wrote. When no resolution was reached by the Sunday deadline, he called on the board of DCG to remove Silbert from his position as CEO. In an attempt to return customer funds and restore the exchange’s reputation, Gemini co-founder Cameron Winklevoss accused DCG founder Barry Silbert of failing to act, tweeting “you hide behind lawyers, investment bankers, and process…your behavior is not only completely unacceptable, it is unconscionable.” “Just like ‘hey give us your money and we’ll have fun with it until the market goes bad, then whoopsie sorry you can’t get your money back but thanks for letting play with your money anyway’,” the user wrote. ![]() Users on Twitter have also speculated as to what, if any, funds Earn customers may be able to retrieve.īased on the terms and conditions highlighted in an authorization agreement - digital assets will leave Gemini’s custody and customers must “accept the risk of loss associated with loan transactions.”Īlthough this may absolve Gemini from being legally liable for Earn users’ losses, Redditor Ok-Hornet-1313 wrote that the situation “feels like white collar robbery.” “That being said I was completely oblivious as to what was going on in the crypto world as of late and didn’t even know my funds were froze until it was too late,” he wrote. ![]() ![]() ![]() One Reddit user who goes by the pseudonym New_Tour_5064 wrote that they had previously viewed Gemini Earn as similar to a 401(k) retirement plan and was unaware of the situation before it was too late. “Existing redemption requests are not impacted and continue to await fulfillment by Genesis.”Īlthough Gemini has assured customers that the return of their funds “remains our highest priority,” many users have lost faith in recovering lost savings. “This officially terminates the Earn Program and requires Genesis to return all assets outstanding in the program,” the email said. Gemini co-founder Cameron Winklevoss had previously set the date as a deadline for Genesis’ parent company, Digital Currency Group (DCG), to respond to an open letter published on Jan. In an email sent out to retail users, Gemini wrote that it had terminated the Master Loan Agreement (MLA) between Earn users and Genesis as of Jan. Gemini, the centralized cryptocurrency exchange founded by the Winklevoss twins, has terminated its Earn program after Genesis Global Capital failed to return more than $900 million in assets owed. ![]()
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