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Gemini Suspends Netherlands Operations Amid Regulatory Challenge

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Gemini, the New York-based crypto exchange, has decided to halt operations in the Netherlands due to regulatory constraints imposed by the De Nederlandsche Bank (DNB). 

In a letter addressed to its Dutch users on September 26, Gemini urged them to withdraw their assets or transfer them to another wallet before the suspension comes into effect on November 17.

The exchange attributed its exit to its inability to comply with the regulatory requirements set by the DNB for crypto exchanges. The company intends to re-enter the Dutch market once it aligns its business practices with the newly established regulations, specifically the Markets in Crypto-Assets regulations (MiCA).

The exchange recommended transferring funds to the local crypto exchange Bitvavo, which is registered with the DNB, to facilitate a smooth transition for its users. Bitvavo, established in 2018 and headquartered in Amsterdam, is a member of the Dutch Association of Bitcoin Companies.

This move mirrors a similar exit by Binance, a global competitor of Gemini, from the Dutch market earlier in the summer of 2023. After facing regulatory hurdles, Binance ceased operations in the Netherlands and is speculated to consider a return upon compliance with MiCA.

Currently, 37 virtual asset providers, including eToro, Coinbase, Crypto.com, and BitPay, are registered with the DNB, adhering to the evolving regulatory landscape in the crypto space.

Gemini’s Bold Financial Move

In related news, Gemini made headlines recently when it withdrew hundreds of millions of dollars from Genesis Global Holdco LLC several months before Genesis froze deposits and filed for bankruptcy. 

This move was part of the “Earn program,” which allowed Gemini users to generate yields on their crypto tokens by lending them through Genesis.

The exchange clarified that the withdrawn funds belonged to Earn program users, not the exchange or its co-founders, the Winklevoss twins. The exchange stated that this withdrawal resulted in Earn users having reduced exposure to Genesis when it halted redemptions in November 2022.

The withdrawal came amid ongoing legal battles between Gemini, Genesis, and its parent company, Digital Currency Group (DCG). Gemini had sought $1.1 billion on behalf of Earn users, and the parties engaged in lengthy settlement negotiations, including a lawsuit by Gemini against DCG for fraud.

Related Reading | Bitcoin’s $21.5M Short Liquidation Frenzy: Red Faces Everywhere

Gemini’s Audacious $280M Move From Genesis Triggers Legal Turmoil

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In a crypto saga that could rival any Hollywood thriller, the Winklevoss twins’ Gemini exchange reportedly withdrew a staggering $280 million from Genesis Global just months before the crypto lender initiated a freeze on customer deposits and ultimately filed for bankruptcy.

This withdrawal, disclosed by an anonymous source, was made in August 2022. Rather than lining the pockets of the exchange’s founders, the funds were intended to establish a reserve to facilitate immediate redemptions for participants in the Gemini Earn program. This program, a joint venture between Genesis and Gemini, allowed users to earn interest on their cryptocurrency holdings by lending them through Genesis.

While the Winklevoss twins seemingly acted in the best interests of their customers, the aftermath of this move has been nothing short of chaotic. Following the collapse of FTX, Genesis froze customer withdrawals, sparking a series of legal battles and disputes.

Gemini’s $1.1 Billion Lawsuit Unleashed

The exchange sued Genesis for $1.1 billion on behalf of its Earn program users after Genesis filed for Chapter 11 bankruptcy protection. Settlement negotiations ensued but were often marred by public disputes, including clashes between Barry Silbert, founder of Digital Currency Group (DCG), and the Winklevoss twins.

Despite a tentative agreement reached in February, it remained unfinalized, leading to a lawsuit in July, with the exchange accusing DCG of fraud. Gemini alleged that it had tried to terminate the Earn program due to concerns about insolvency and that Silbert had sought to address these concerns in a face-to-face meeting.

Adding more complexity to the quagmire, Genesis sued its parent company, DCG, in September for over $620 million in unpaid loans.

To make matters worse, both Genesis and Gemini found themselves facing charges from the U.S. Securities and Exchange Commission in January. The SEC alleged that the Earn program constituted an unregistered sale of securities, intensifying the legal woes surrounding the Gemini-Genesis debacle.

As the crypto world watches with bated breath, the Gemini-Genesis saga serves as a stark reminder of the unpredictable nature of the digital currency space. With billions at stake and reputations on the line, the crypto drama shows no signs of abating anytime soon.

Crypto Giant Gemini Commits $24 Million to Indian Expansion

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In a recent crypto-related blog post, Gemini disclosed its intentions to invest a substantial amount of INR 200 crore, translating to $24 million USD, in a two-year timeframe. The primary focus of this investment will be directed towards Gemini’s technology development center situated in Gurgaon, India, which was initially unveiled in May.

Gemini has now formally announced the inauguration of an office situated in the heart of Campus Cyber Greens’ Cyber Hub, a prominent hub for digital assets and technological innovations. As of this month, Gurgaon is home to a workforce of over 70 professionals employed by Gemini. Furthermore, the exchange has also made public its ongoing recruitment initiatives to fill various positions in the region.

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Exploring India’s Crypto Ambitions

Many notable figures in the digital asset’s sector have been making strides in the Indian market. In a recent update, the Global Crypto Adoption Index by Chainalysis has revealed that India maintains its status as the leading cryptocurrency market in the region, driving widespread grassroots adoption.

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What’s more, it has risen to become the second-largest global cryptocurrency market by estimated transaction volume, surpassing even larger economies. Additionally, Pravijit Tiwana, the CEO of Gemini Asia Pacific, provided insights into the company’s interest in India in a statement, stating,

“Gemini is a startup at heart, and the Indian government has built a robust support framework that allows startups to thrive. In 2016, the Indian government launched the “Startup India” initiative, creating the conditions for a thriving startup ecosystem, which now ranks third globally.“

Nevertheless, the current focus on the area is unexpected, considering the government’s unclear stance on the cryptocurrency industry.

Mystery Behind Bitcoin’s 3rd Largest Holder Unmasked?

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In a whirlwind of events that has the crypto community buzzing, an enigmatic Bitcoin holder has jumped to the ranks of the elite BTC holders in an astonishingly short span of three months. It all began on March 8, when this anonymous wallet owner received their first Bitcoin.

Yet what unfolded over the ensuing three months and two weeks was nothing short of extraordinary. Recent data from BitInfoCharts, a prominent crypto platform, uncovered an accumulation of 118,000 BTC—a staggering fortune valued at over $3 billion based on prevailing market rates.

This unprecedented phenomenon gave rise to a plethora of theories about the wallet’s possessor across Crypto Twitter. Among the speculative narratives, one faction argues that a crypto exchange might be orchestrating fund movements, while another group claims that only established financial behemoths could orchestrate such an acquisition.

Foremost among these contenders stands BlackRock, a heavyweight in the financial sector. The Crypto Twitterverse saw the emergence of snapshots depicting colossal black rocks. These claims might be captivating, but they lack the solid evidence necessary.

BitInfoCharts’ current leaderboard for the world’s largest Bitcoin wallets showcases Binance and Bitfinex at the forefront, holding sway with their Bitcoin cold wallets.

As speculation continues to swirl around BlackRock and Binance, a compelling contender emerges from the wings—the Gemini exchange of the famed Winklevoss twins. Cameron and Tyler Winklevoss, known for their early stints on Facebook, have transformed into prominent crypto protagonists, amassing substantial Bitcoin wealth along their journey.

Source Indicates Gemini Exchange as Culprit Behind Bitcoin Transfer

Gemini has hogged the limelight of late for the face-off against the United States Securities and Exchange Commission [SEC]. The exchange’s bold response to the lawsuit filed by the SEC reflects its unyielding stance.

In an Aug. 15 filing, Gemini sought to dismiss the SEC’s January lawsuit, challenging the regulatory body’s ability to conclusively establish that the exchange peddled unregistered securities. Firing a legal salvo, the platform’s legal team underscored the absence of plausible allegations pertaining to the sale or offer of the purported security.

As the story continues to evolve, the entity behind the substantial Bitcoin reserves in the wallet has purportedly emerged as the Gemini Exchange. This revelation puts an end to the rumors surrounding the development, allowing the discussions to settle.

XRP Market Depth On Gemini Restored After Price Spikes

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In a noteworthy turn of events, leading crypto market data provider Kaiko has unveiled a positive development for XRP traders using the Gemini exchange. In a recent tweet, Kaiko highlighted that XRP’s market depth on the US-based exchange has substantially recovered, offering traders improved stability and confidence in their transactions.

Kaiko’s report underscores that XRP’s market depth within a 1% price range on Gemini has rebounded, now steadily around 150,000 XRP. This resurgence in market depth signifies a significant recovery after a recent setback.

Market depth plays a pivotal role in assessing a market’s capacity to handle substantial orders without causing dramatic fluctuations in an asset’s price. The restoration of XRP’s market depth is a positive sign for traders seeking a smoother trading experience on Gemini.

Gemini’s XRP Roller Coaster

Notable fluctuations have marked XRP’s journey on Gemini. The asset’s market depth plunged on August 10, following a remarkable price spike that pushed XRP to $50 on the exchange. This disparity prompted discussions about market dynamics and trading conditions on the platform.

The XRP price spike on the exchange, surging by a staggering 7,836%, caught the attention of analysts and the crypto community’s attention. The peculiar nature of this price movement, significantly deviating from other spot markets, was attributed to the exchange’s low market depth during that period.

Gemini’s reaction to these dynamics was multi-faceted. The exchange reinstated XRP trading after Ripple’s legal victories against the SEC, celebrating the relisting with a satirical promotional video. However, the coin’s price spike led some to question the platform’s market depth and its influence on price movements.

Notable analysts, including Ali Martinez, speculated that the unexpected surge was attributed to Gemini’s limited market depth for XRP. Martinez pointed out that even a $37,000 order could result in a 2% price movement for the coin due to the low market depth. Additionally, it was revealed that Gemini adjusted its XRP charts to depict a surge only to $1.6 during the listing.

To attract more engagement from the Ripple community, Gemini introduced the “XRP faucet” campaign, promising to give away 4,000 XRP coins daily for six days. This initiative reflects Gemini’s efforts to draw in users while fostering community involvement.

As of the latest data, XRP is trading at $0.6, registering a 4.2% decline in the past 24 hours. CoinGecko data ranks XRP as the fifth-largest crypto asset globally, boasting a market capitalization of $31.65 billion. These figures show Ripple’s current position within the broader cryptocurrency landscape.

Related Reading:| Ripple CTO Criticizes Amici Brief In Coinbase SEC Case

Gemini Unveils ‘XRP Faucet’ Campaign Featuring 4,000 XRP Prize

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Gemini, the US-based cryptocurrency exchange, has made a strategic move to capture the attention of the XRP community shortly after listing the digital asset for trading on its platform. In a surprising development, the exchange has kicked off a targeted initiative named “XRP Faucet”, aiming to entice new sign-ups from the XRP community.

Gemini’s XRP campaign involves an intriguing giveaway strategy, offering a chance for verified users to claim a share of the XRP bounty. This exclusive campaign allows participants to receive 4,000 XRP daily for six days. The mechanism is simple: verified users can grab 20 XRP from the bounty pool when the faucet opens at 3:00 PM Eastern Standard Time. Gemini took to Twitter to announce,

Unlike conventional cryptocurrency giveaways that often demand users link wallets or commit financially, the exchange’s XRP initiative requires only a registered email address associated with a verified exchange account. This streamlined approach aims to enhance the user experience while safeguarding against scams.

Gemini’s Exclusive XRP Offer, Eligibility And Guidelines

The XRP Faucet offer, however, is not open to everyone. The campaign caters exclusively to US residents aged 18 and above. While residents from the District of Columbia and all 50 US states can partake in the XRP giveaway, the exchange has explicitly excluded its affiliates, including employees, representatives, agents, and subsidiaries, from the promotion.

Moreover, Gemini maintains the authority to modify the rules or rescind the bounty at its discretion, all without any preceding public announcement. The promotion follows a ‘first come, first served’ principle, underscoring its constrained availability.

News of Gemini’s XRP campaign has ignited discussions within both the XRP and broader crypto communities. The sudden interest exhibited by the exchange in the XRP Army, as some enthusiasts call it, has prompted speculation.

As the crypto industry evolves rapidly, established exchanges like Gemini are seizing opportunities to innovate and diversify their offerings. With its XRP Faucet campaign, the exchange aims to attract new users and demonstrate its commitment to engaging with specific cryptocurrency communities uniquely and captivatingly.

Related Reading:| XRP Unveils Exciting Bitstamp Partnership

Gemini Expands Support To XRP Ledger, Broadening Its Network Compatibility

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In a significant move to further diversify its supported blockchain networks, Gemini, the renowned cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has proudly announced the integration of XRP Ledger (XRP) onto its trading platform. This addition marks another milestone for the exchange’s mission to facilitate increased financial freedom and innovation.

The official blog post released by Gemini revealed the exciting news, stating, “We are delighted to announce support for XRP Ledger (XRP), adding a new blockchain to Gemini’s growing list of supported networks!” 

This new inclusion allows platform users to trade XRP on various applications, including API/FIX and ActiveTrader applications for USD trading pairs. Additionally, XRP can be traded on the Gemini Mobile App and website, with trading pairs spanning USD, GBP, EUR, CAD, SGD, HKD, and AUD.

One distinct feature that sets XRP Ledger apart from traditional Proof-of-Work (PoW) blockchains like Bitcoin is its innovative consensus protocol. Known as the Ripple Protocol Consensus Algorithm (RPCA), this mechanism relies on most validators to record and authenticate transactions on the ledger. 

A select group of trusted nodes upholds the integrity of the XRP Ledger. To achieve consensus and be recorded on the ledger, transactions require approval from a supermajority of these nodes. While anyone can participate as a validator, Ripple curates a roster of trusted validators referred to as the Unique Node List (UNL).

Gemini’s Expanded Compatibility: 13 Supported Networks

The addition of XRP Ledger expands Gemini’s compatibility to a grand total of 13 blockchain networks. This comprehensive roster includes popular cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), as well as Solana (SOL), Litecoin (LTC), Bitcoin Cash (BCH), Polkadot (DOT), Avalanche (AVAX), Cosmos (ATOM), Zcash (ZEC), Filecoin (FIL), Dogecoin (DOGE), and Tezos (XTZ).

The Winkle­voss twins, founders of Gemini, expre­ssed their excite­ment for adopting the XRP Ledge­r. They emphasized the­ir dedication to promoting innovation and empowering individuals in the­ financial world.

The exchange strate­gic expansion aims to make it easie­r for users to access a wide range­ of blockchain networks in the evolving cryptocurre­ncy landscape. This effort is crucial in driving the global adoption of digital asse­ts and ensuring seamless e­xperiences for Ge­mini’s users.

However, Gemini’s late­st move highlights their commitment to providing use­rs with a wide range of options. It also emphasize­s the growing importance of XRP Ledge­r in both blockchain technology and cryptocurrency trading.

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Gemini Files Lawsuit Against DCG & Barry Silbert; DCG Denies Allegations

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Gemini, the popular cryptocurrency exchange founded by the Winklevoss twins, has filed a lawsuit against Digital Currency Group (DCG) and its founder, Barry Silbert. The lawsuit alleges that DCG and Silbert were involved in fraudulent activities related to the Gemini Earn program and the Genesis bankruptcy case.

According to Cameron Winklevoss, co-founder of the company, Silbert was not only the mastermind behind the fraud committed against creditors but was also directly involved in perpetrating it. Winklevoss took to Twitter to express his frustration, stating that the lawsuit tells the whole story of the deception.

The complaint lodged by the company reveals that Silbert, aware of Genesis’s massive insolvency, attempted to persuade Gemini to continue the Earn program despite the impending termination. 

It is alleged that Silbert misled the company by claiming that Genesis was only facing a timing issue, concealing the true extent of the financial crisis.

Furthermore, the company accuses DCG of providing false financial reports to hide fraudulent activities. A promissory note, presented as a “Current Asset” worth $1.1 billion, was exposed as a sham, with a mere 1% interest rate. 

The balance sheet manipulation and excluding the promissory note from calculations were additional efforts to deceive Gemini and other creditors.

Gemini’s lawsuit claims that the fraud involved high-ranking executives at DCG, including Mark Murphy, who was copied on disseminating fake financial reports. Murphy allegedly failed to correct the reports despite knowing they contained false information regarding DCG’s financial support for Genesis.

DCG Denies Allegations; Calls Gemini’s Lawsuit A Publicity Stunt

In response to the lawsuit, DCG released a statement dismissing the allegations as baseless and defamatory. They labeled the lawsuit a “publicity stunt” by Cameron Winklevoss to deflect blame from himself and Gemini. 

DCG emphasized its commitment to reaching a fair resolution for all parties involved in the Genesis bankruptcy case.

However, as the mediation process approaches its conclusion, both Gemini and DCG await the handling of the case under Chapter 11 bankruptcy law. 

The outcome of this legal battle will have significant implications for the reputation and future of both parties involved, as well as for the thousands of users affected by the Genesis bankruptcy.

Related Reading | Gemini’s Cameron Winklevoss Issues Final Ultimatum To Barry Silbert & DCG

Gemini’s Cameron Winklevoss Issues Final Ultimatum To Barry Silbert & DCG

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Cameron Winklevoss, the co-founder of cryptocurrency exchange Gemini, has fired off a fiery open letter to Barry Silbert, the founder of Digital Currency Group (DCG), on behalf of the 232,000 Earn users with over $1.2 billion of assets trapped in the troubled Genesis company.

Winklevoss didn’t hold back, accusing DCG of engaging in fraudulent behavior under Silbert’s leadership and orchestrating a culture of lies and deceit. 

The letter highlighted the alleged falsification of balance sheets and documents to perpetuate an accounting fraud, all to hide Genesis’ insolvency.

Despite a history of open letters, Winklevoss asserts that Silbert has consistently avoided responsibility and genuine resolution with creditors and Earn users since the withdrawal gates were closed. 

The recent mediation process, which was expected to bring about a solution, has instead granted DCG a gratuitous forbearance on the $630 million owed to Genesis. 

This indefinite delay has caused the ballooning of professional fees to over $100 million, borne by creditors and Earn users.

Gemini Winklevoss Outlines Best & Last Chance For Resolution

In an effort to bring this ongoing crisis to a close, Winklevoss issued a final ultimatum to Silbert and DCG. The letter outlined a best and final offer that creditors are prepared to accept, demanding a response by 4 pm ET on July 6th. 

If DCG fails to agree, Winklevoss stated that Gemini would take legal action, filing a lawsuit against DCG and Silbert personally on July 7th.

The lawsuit will expose Silbert’s alleged role in hiding Genesis’ insolvency and outline his personal liability. Furthermore, Winklevoss intends to advance a non-consensual plan to provide immediate distributions to creditors and Earn users while litigating DCG’s contribution.

Winklevoss also urged the Genesis Special Committee to fulfill its fiduciary duties by filing a turnover motion, putting DCG into default, and demanding immediate payment of the $630 million owed to creditors and Earn users.

Throughout the letter, Winklevoss expressed deep frustration with Silbert’s perceived lack of self-awareness and refusal to acknowledge the harm caused to Earn users and creditors. He implored Silbert to recognize the gravity of the situation and to finally do the right thing.

However, the cryptocurrency community awaits Silbert’s response and the potential fallout from Winklevoss’ ultimatum. This high-stakes confrontation between Gemini and DCG could have far-reaching implications for the cryptocurrency industry and the millions of dollars at stake.

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Gemini Unleashes Ethereum Staking In The UK, Paving The Path To Financial Freedom

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Gemini, the renowned cryptocurrency exchange owned by Cameron and Tyler Winklevoss, is making waves once again in the digital currency world. This time, they are expanding their services globally and introducing Ethereum staking to users in the United Kingdom.

In an official announcement made on June 23, the company revealed its excitement about launching Gemini Staking Pro in the UK. This new service allows UK users with at least 32 ether (ETH) to effortlessly set up dedicated validators on the Ethereum network.

Gemini Staking Pro is not new to the scene; it has already been successfully operating in the United States (excluding New York), Singapore, Hong Kong, Australia, Brazil, and over 30 other countries. This expansion into the UK marks another significant milestone for the platform’s growing presence worldwide.

Simplifying The Staking Process With Gemini

What is Gemini Staking Pro? It is a crypto-staking product designed specifically for institutions and high-net-worth individuals. The company users who possess 32 ETH or more can easily run dedicated validators on the Ethereum network using Gemini’s user-friendly and secure interface.

Initially, UK users can begin staking their ETH through the Gemini web interface, with in-app support coming soon.

Staking Pro offers several benefits to users who choose to participate. Firstly, it provides complete control over Ethereum validators. Gemini sets up dedicated validators for each Staking Pro client, ensuring a hassle-free experience. 

Additionally, users can access and audit information about their validators through on-chain monitoring tools. This transparency enables them to track validator rewards, payments, and fees.

Another advantage of Staking Pro is the use of segregated reward addresses. Staking rewards are deposited into a separate ETH address, providing an added layer of security and flexibility. 

Users can withdraw rewards or even their entire staked ETH whenever desired, subject to the relevant unbonding time. However, the company simplifies the process by taking charge of the validator nodes. It allows users to confidently stake their assets without the need for technical expertise. 

Additionally, it offers reimbursement for certain penalties incurred during staking, providing users with peace of mind and the benefits of decentralization combined with the platform’s reliability.

The company said:

We are thrilled to continue providing avenues for users around the world to participate in the blockchain ecosystem as we advance our mission to unlock the next era of financial, creative, and personal freedom.

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