News

State regulators in New York have fined Gemini Trust Company $37 million in response to multiple failures in the areas of fiduciary oversight, customer- and lending-related due diligence, transaction monitoring and suspicious activity reporting. New York's Department of Financial Services, or DFS, disclosed in a 29-page consent order Wednesday that in the months and years prior to November 2022, the exchange's manifold weaknesses against illicit finance "threatened the safety and soundness of the company," which Cameron and Tyler Winklevoss of "The Social Network" fame launched in October 2015. DFS specifically found that Gemini failed to implement proper know-your-customer, or KYC,...