Gemini Wins Arbitration Ruling Over Earn Program Collapse

An arbitrator ruled that Gemini is not liable for the collapse of its Earn lending program, finding no evidence that the exchange misled users or failed in its due diligence regarding Genesis Global Capital. The Earn program, which offered up to 7.4% yields, was suspended in November 2022 following a liquidity crisis at Genesis. While Gemini previously reached a $50 million settlement with the New York Attorney General, it successfully returned 97% of owed digital assets to Earn users in May 2024.