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NYDFS Investigating Gemini Over FDIC-Related Claims

The New York Department of Financial Services (NYDFS) is investigating Gemini over its claims related to Federal Deposit Insurance Corporation (FDIC) coverage, Axios reported on Jan. 30.

Gemini Earn users are collectively owed $765.9 million by bankrupt Genesis. Some of these users claim they were misled by Gemini since they believed their assets to be backed by the FDIC.

In emails to users, Gemini allegedly said its stablecoin Gemini Dollar (GUSD) was backed by bank cash deposits that were eligible for FDIC insurance. The fact that Gemini’s own products like Earn were not covered by the FDIC was not something that was clear from its marketing and communications, users claimed in the report.

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