The Earn lending program that keeps haunting Gemini is back. This time, New York State’s Department of Financial Services is reportedly preparing an investigation.
It's unclear if Gemini may have violated federal laws due to some customers seemingly taking away that the FDIC protected Earn products rather than assets held at financial institutions that are subject to such insurance. Under the Federal Deposit Insurance Act, individuals are
from"representing or implying that an uninsured product is FDIC–insured or from knowingly misrepresenting the extent and manner of deposit insurance."
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