Genesis and Gemini Seek Dismissal of SEC Lawsuit Over Alleged Sale of Unregistered Securities
Genesis Global Capital and Gemini, both of whom are bankrupt crypto lenders, have requested a U.S. court to dismiss a lawsuit filed by the Securities and Exchange Commission (SEC) alleging that the two companies sold unregistered securities. The SEC's lawsuit, filed in January, targeted Gemini's yield-bearing product Earn, which the regulator claimed was an unregistered offering that raised billions of dollars' worth of crypto assets from hundreds of thousands of investors. Gemini has denied the allegations and stated that the SEC's treatment of the tri-party Master Digital Asset Loan Agreement (MDALA) contract between Genesis, Gemini, and Earn users as an unregistered security "has no basis in law or fact."
Gemini Files Motion to Dismiss SEC Lawsuit Over Earn Program
Gemini, a leading American-based crypto exchange, has filed a motion to dismiss the US Securities and Exchanges Commission (SEC) lawsuit, which centers on its Earn program. The SEC claimed that the program was an unregistered securities offering and further stated that it was investigating other securities violations. Gemini's response to SEC's action includes onboarding JFB Legal for its faceoff with the US regulator. The crypto exchange has moved to dismiss the lawsuit on two main bases: the MDALA is neither a security note nor an investment note, and even if the commission had reasonably claimed MDALA to be a security, it fails to prove that it was sold or offered to anyone.
Gemini to Establish European HQ in Ireland, First Registered Virtual Asset Service Provider by Central Bank
Gemini, a New York-based crypto exchange founded by Cameron and Tyler Winklevoss, will establish its European headquarters in Ireland. The announcement was made by Cameron Winklevoss after meeting with Ireland Prime Minister Leo Varadkar to discuss the potential of crypto and the importance of sensible regulation. Gemini was the first firm registered by the Central Bank of Ireland as a "virtual asset service provider" and obtained its VASP license in July 2022. The move to Ireland highlights the country's competitive offering for the international financial services sector, according to Varadkar.
Gemini Expands Operations in Europe With Ireland as Key Hub and Becomes First Registered VASP by European Central Bank
Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has announced its plans to expand its operations in Europe, with Ireland as its key hub.
Gemini chooses Dublin as its European HQ
US-based crypto exchange Gemini has announced Dublin as its European headquarters, citing the city's "deep talent pool and thriving start-up scene" as reasons for the move. Gemini, founded in 2014 by the Winklevoss brothers, allows users to buy, hold, and sell cryptocurrencies and NFTs.
Gemini Co-Founders Considering Opening Second Headquarters in UK Amid US Regulatory Uncertainty
Gemini co-founders Cameron and Tyler Winklevoss are exploring the possibility of opening a second headquarters in the United Kingdom. The move is part of a larger plan to expand the business’s footprint outside of the United States as regulatory scrutiny increases.
Philippine SEC Warns Public Against Unregistered Gemini Derivatives Product
The Securities and Exchange Commission (SEC) in the Philippines has issued a warning to the public about investing in Gemini Derivatives, which falls under the category of securities according to Philippine law and should be registered with the SEC. However, Gemini lacks the necessary licensing and authority to operate in the country, making it an unregistered security.
Breaking: Gemini Derivatives Exchange Reprimanded In Philippines
Regulators in the Philippines have issued a warning to Gemini, a cryptocurrency exchange, for operating its derivatives exchange without authorization in the country.
Gemini Cryptocurrency Exchange Faces Turmoil as Digital Currency Group Defaults on $630 Million Payment
Gemini, a cryptocurrency exchange, has been dealt a severe blow as Digital Currency Group (DCG), the parent company of Genesis Global Capital, defaults on a payment of $630 million. This has caused tension between Gemini and DCG, with allegations of unregistered securities sales and mixed funds leading to the U.S. Securities and Exchange Commission (SEC) calling both firms to account. Despite ongoing negotiations, Gemini is considering an alternative route to resolve the issue and is preparing a claim to recoup over $1.1 billion in digital assets from Genesis on behalf of its users. This situation highlights the need for increased regulatory oversight in the cryptocurrency industry.
DCG Misses $630M Payment to Gemini, Faces Lawsuit Threat and Bankruptcy Dispute
Digital Currency Group (DCG) has failed to make a $630 million payment to Gemini, leading to threats of legal action from Gemini CEO Cameron Winklevoss. The dispute centers around a $900 million loan that Genesis, a DCG entity, filed for Chapter 11 bankruptcy over. Both Genesis and CoinDesk are owned by DCG, and the U.S. SEC has accused both firms of selling unregistered securities through their Earn program. Gemini is seeking the return of over $1.1 billion in digital assets from Genesis for its over 200,000 Earn users and is proposing an amended reorganization plan that doesn't require DCG's approval.
