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Gemini Terminates Genesis Loans, Officially Ends Earn Program

Gemini told clients in an email today that it is terminating customer loan agreements with Genesis Global Capital as it winds down its Earn program.

Gemini said it will prioritize the return of customer funds and “operate with the utmost urgency.” 

“We are writing to let you know that Gemini — acting as agent on your behalf — has terminated the Master Loan Agreement (MLA) between you and Genesis Global Capital, LLC (Genesis), effective as of January 8, 2023,” notes the email. It goes on to declare the termination of the Earn program and that Genesis must “return all assets outstanding in the program.”

Existing redemption requests and the capacity of Gemini to seek a resolution to recover its customers assets, are not impacted by the loan agreement's resolution, the company said in its email. 

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