Gemini Exchange
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Gemini is a New York-based cryptocurrency exchange and custodian bank founded in 2015 by Cameron and Tyler Winklevoss, regulated under a NYDFS Limited Purpose Trust Charter. The exchange gained significant notoriety following the collapse of its Gemini Earn lending program in late 2022, which left approximately 340,000 users with roughly $900 million in frozen assets; subsequent SEC and NYDFS enforcement actions were resolved by early 2024 and 2026 respectively with full customer restitution. Gemini went public on the Nasdaq in September 2025 under the ticker GEMI, but its stock has since declined more than 80% amid deepening losses, executive departures, mass layoffs, and a contested post-IPO strategic pivot to prediction markets.
Connected Entities
1 entities- + 11 more
Timeline(21 events)
June 2013
Cameron and Tyler Winklevoss publicly announce plans to launch Gemini cryptocurrency exchange
Gemini Wikipedia5 October 2015
NYDFS grants Gemini a Limited Purpose Trust Charter; Gemini launches its Bitcoin exchange
NYDFS Press Release5 May 2016
New York approves Gemini as the first licensed U.S.-based Ethereum exchange
Gemini WikipediaFebruary 2021
Gemini launches Gemini Earn, a crypto lending program in partnership with Genesis Global Capital offering up to 8% APY
SEC Press Release 2023-716 November 2022
Genesis Global Capital suspends Earn withdrawals, freezing approximately $900 million in assets belonging to approximately 340,000 Gemini Earn customers
SEC Press Release 2023-7December 2022
Third-party data breach linked to Twilio's Authy service exposes personal information of approximately 5.3 million Gemini customers
BleepingComputer12 January 2023
SEC charges Genesis and Gemini with unregistered offer and sale of securities through the Gemini Earn program in the SDNY
SEC Press Release19 January 2023
Genesis Global Capital files for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York
SEC Press Release 2024-3728 February 2024
Gemini and NYDFS enter consent order: Gemini pays $37 million fine and commits to returning at least $1.1 billion to Earn customers; also contributes $40 million to Genesis bankruptcy estate
The Block19 March 2024
Genesis agrees to pay $21 million civil penalty to SEC to settle charges related to the Gemini Earn program
SEC.gov2025
CFTC issues order against Gemini Trust imposing a $5 million penalty and permanent injunction for false statements made to the agency in 2017
CFTC.gov16 August 2025
Gemini publicly files S-1 registration statement with the SEC, targeting Nasdaq under ticker GEMI
The Block21 August 2025
Gemini obtains MiCA license from Malta Financial Services Authority, enabling operations across 30+ EU jurisdictions
CoinDesk11 September 2025
Gemini prices its IPO at $28 per share, raising approximately $425.6 million; valuation approximately $3.3 billion
CNBC12 September 2025
Gemini begins trading on Nasdaq under ticker GEMI, opening at $37.01 — a 32% premium to IPO price
CNBC23 January 2026
SEC files joint stipulation with Gemini to dismiss the Earn lawsuit with prejudice, citing 100% investor recovery through Genesis bankruptcy
CoinDesk5 February 2026
Gemini announces 'Gemini 2.0' pivot: focus on U.S. prediction markets, ~25% workforce reduction, exit from UK, EU, and Australia markets
DeFi Rate17 February 2026
Gemini's CFO, COO, and CLO all depart the company, approximately five months after the IPO
CFO Dive14 May 2026
Winklevoss Capital Fund invests $100 million in Gemini at $14 per share (paid in Bitcoin at ~2.5x market price); shares surge ~25%
Bloomberg28 May 2026
CFTC, under Trump-era leadership, files joint motion with Gemini to vacate the January 2025 $5 million consent order, citing changed enforcement standards
CNBCDecision Log
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This investigation is cryptographically anchored to the Solana blockchain (5 events). 23 of 25 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/31/2026, 1:59:20 PM
last updated: 8/17/2026, 12:18:09 AM
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