New York monetary regulator investigates Gemini over FDIC claims: Report

New York State’s Division of Monetary Companies is reportedly investigating cryptocurrency alternate Gemini over claims the agency made with reference to property beneath its Earn lending program.

In accordance with a Jan. 30 report from Axios, the “New York State company that regulates Gemini” — the Division of Monetary Companies handles companies falling beneath the states’ BitLicense regime, together with the crypto alternate — was investigating following studies many customers believed property of their Earn accounts had been protected by the Federal Deposit Insurance coverage Company, or FDIC. The federal government company beforehand issued stop and desist orders to 5 crypto companies making comparable claims, together with FTX US.

Proceed Studying on Coin Telegraph