Gemini Agrees to Pay $50 Million to Settle New York Fraud Lawsuit

IconCryptoNewsTerminal Staff14 Jun, 2024

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Gemini Agrees to Pay $50 Million to Settle New York Fraud Lawsuit

Cryptocurrency exchange Gemini has reportedly agreed to pay $50 million to settle a fraud lawsuit in New York. This move comes after the New York Attorney General's office (NYAG) sued Gemini, Digital Currency Group (DCG), Genesis, Genesis' former CEO Michael Moro, and DCG CEO Barry Silbert last year, accusing them of fraud and conspiracy to commit fraud. The lawsuit alleged that Gemini and the other defendants misled investors about the risks associated with investing in cryptocurrency and that they failed to adequately disclose their own financial interests. The settlement is reportedly part of a broader effort by the NYAG to crack down on fraud in the cryptocurrency industry. Gemini has not yet officially commented on the settlement, but the company has previously denied the allegations made in the lawsuit.

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