Winklevoss firm to return $1.1bn to customers

It has been reported that the Winklevoss twins’ cryptocurrency exchange, Gemini, has agreed to pay a $1.1 billion settlement to resolve allegations of wrongdoing by the New York State Department of Financial Services. The firm has been accused of various violations, including allowing clients to trade on unlicensed platforms and not properly safeguarding their assets.

As part of the settlement, Gemini will be returning the $1.1 billion to its customers who were affected by these alleged violations. This is a significant amount of money, and shows the potential risks involved in the cryptocurrency industry.

It is yet to be seen how this settlement will affect Gemini’s reputation and future operations. However, it serves as a reminder to all cryptocurrency exchanges and firms to ensure they are operating within the law and protecting their customers’ assets at all times.