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Crypto IRA provider says it is suing Gemini for alleged role in $36 million breach

IRA Financial Trust, a provider of crypto IRA services, said Monday that it is suing crypto exchange Gemini for its alleged role in the breach of customer retirement accounts. IRA Financial, which has offered clients exposure to crypto via integration with Gemini, said in a press release that the New York-based Gemini’s systems were responsible for the February attack, which resulted in the theft of $36 million from those retirement accounts. The firm said that Gemini’s platform didn’t “have the …

CFTC accuses Winklevoss-owned crypto exchange Gemini of misleading statements in new lawsuit

The Commodity Futures Trading Commission has sued Gemini, the crypto exchange owned by Cameron and Tyler Winklevoss. In a statement Thursday, the CFTC said it sued Gemini for “making false or misleading statements of material facts or omitting to state material facts to the CFTC in connection with the self-certification of a bitcoin futures product.” The agency said: “According to the complaint, Gemini, directly and through the DCM, provided information to the CFTC concerning Gemini’s trading platform and the Gemini …

Crypto exchange Gemini lays off 10% of its staff

US-based crypto exchange operator Gemini slashed about 10% of its work force, founders Cameron and Tyler Winklevoss wrote in a blog post published today. Gemini did not disclose the number of employees cut, but according to its LinkedIn page more than 1,000 people work at the company, which may translate to about 100 jobs. Gemini did not immediately respond to a request seeking comment on the number. This is reportedly the first time Gemini has announced layoffs since its inception …

Gemini launches new entity Superlunar to help grow web3 adoption

Gemini has launched a research and design studio called Superlunar as the crypto exchange operator aims to increase adoption of web3 products. Superlunar, which means beyond the moon, will research, design and develop decentralized applications focused on security and usability. By simplifying the user experience, it hopes to improve their trust in the crypto space and thereby web3’s mass adoption like web2. Rich Smith, CTO of Superlunar, told The Block in an interview that there is “quite a lot of …

Gemini wins Irish electronic money license

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has received an electronic money license from the Irish central bank in the first such award since October 2020. The license allows Gemini to issue electronic money in Ireland, as it already does in the UK, according to a report on Monday from The Irish Times. Payments provider Stripe and social media giant Meta are among firms that already have such a license.  Gemini applied for its Irish license in early …

FTX.US, BinanceUS and Gemini jumped into US lobbying in recent months, yet they trail Coinbase’s $1 million quarterly spend

Per the latest data from the Federal Election Commission, lobbying programs have become practically a must-have for crypto exchanges, especially those based in the US.  As was the case last quarter, Q4 saw Coinbase at the head of the pack. Its internal lobbying program grew to $740,000 with an additional $260,000 in contracts with outside law and lobbying firms.  The combined total of Coinbase’s reported lobbying spending hit $1 million even for the quarter, an unprecedented figure for the industry.  …

Gemini Galactic approved for FINRA membership

Gemini Galactic, an affiliate of cryptocurrency exchange Gemini, received approval from the Financial Industry Regulatory Authority (FINRA) to operate a broker-dealer registered with the SEC and is now a FINRA member.  As a member, Gemini Galactic can operate an alternative trading system, allowing them to facilitate the trade of digital asset securities. The trade of digital asset securities is still a nascent space. “Gemini Galactic will leverage the existing experience and expertise in crypto assets across the Gemini family to …

Gemini acquires crypto trading platform in push to offer prime services

Crypto exchange Gemini continues to put to work its war-chest of capital, acquiring trading platform Omniex to offer more institutional services to its clientele. In a press release shared Wednesday, the New York-based firm said that it acquired Omniex to launch Gemini Prime, a new prime brokerage. The firm plans to integrate Omniex with its existing custody offering and over-the-counter trading services. While Gemini has provided services to large investors for several years with custody and OTC, the acquisition will …

Gemini acquires crypto portfolio management platform BITRIA

Crypto exchange Gemini announced Thursday that it has acquired BITRIA (formerly Blockchange), a crypto portfolio management platform for financial advisors and asset managers. The terms of the deal weren’t disclosed. The acquisition follows Gemini’s partnership with BITRIA in August 2020 that allowed registered investment advisors (RIAs) to buy, sell, and store crypto through Gemini. The acquisition will now allow Gemini and BITRIA to combine their offerings to serve the RIA industry. That means Gemini’s exchange and custody capabilities will be …

Mapping out Gemini’s acquisitions and investments

December 20, 2021, 3:22PM EST • 5 min read Quick Take Gemini is a regulated cryptocurrency exchange, wallet, and custodian for digital assets established in 2014 by brothers Cameron and Tyler Winklevoss NFTs, gaming, and the metaverse, an emerging market of late, has been an area of focus since its acquisition of Nifty Gateway in 2019 The establishment of Gemini Frontier Fund this year has resulted in an increasing number of investments in the crypto ecosystem by the exchange. In …