The decision to terminate the offering comes amid a public back-and-forth between crypto execs over allegations of bad faith business tactics and claims that DCG owes Gemini customers nearly $1 billion. The lending business, which is owned by crypto conglomerate Digital Currency Group, experienced a severe liquidity crunch due to FTX exposure and an onslaught of withdraw requests. Genesis' lending arm halted customer withdrawals in November, leaving $900 million of Gemini client money in the lurch. Balances of US dollars held in Coinbase accounts are insured by the FDIC, and Coinbase. Instead, on its website in a section called 'FDIC Insurance,' Gemini says that GUSD is at least in part backed by dollars that may be held in FDIC 'eligible' accounts at three banks: State Street, Signature and Silvergate. According to the report, Gemini's discussions with customers referred to the FDIC, but appeared to be in reference to the firm's deposits at other banks, as opposed to its own products, a. This deposit must be sent from your bank portal to the bank account. Step 3: Send SGD via FAST from your bank account. View your deposit instructions and include all bank information. "Existing redemption requests are not impacted and continue to await fulfillment by Genesis." Gemini didn't say explicitly that its Earn program, or GUSD, is directly FDIC insured. Please navigate to the Deposit Page here, and follow the steps below: Go to Account > Deposit into Gemini. However, customers claim that the distinction wasn’t neatly explained. "This officially terminates the Earn Program and requires Genesis to return all assets outstanding in the program," according to Gemini's email, which was first reported by Coindesk. Gemini’s conversation about FDIC insurance seemed to refer to the firm’s deposits at external banks, and not its products. Below is a list of the insured depository institutions at which Coinbase may deposit customer funds: JPMorgan Chase. The firm ended its master loan agreement and partnership between Gemini and crypto brokerage Genesis. FDIC insurance coverage is contingent upon Coinbase maintaining accurate records and on determinations of the FDIC as receiver at the time of a receivership of a bank holding a custodial account. CoinCentral readers can get 20 when they trade 100 or more on Gemini. The company has quickly built a great reputation in the cryptocurrency community, partly due to its above-average customer service. Gemini, the cryptocurrency exchange started by the Winklevoss twins, is terminating its interest-bearing product, the company told clients on Tuesday. Gemini is a low-fee, beginner-friendly method of buying Bitcoin and Ethereum.
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