Wanted to share screenshot of it but seems this sub restricts that to membership only or whatever. Anyway, someone shared the information below as an email they received from what they thought was Gemini. Below is the message:
Person sharing said:
I have been on Gemini for a long time, and I followed the 2023 SEC case re: ‘Earn’ and FTX … but I thought it was done with. Though no news from other sources, the Gemini email says (in part):
Background on the SEC Resolution
In January 2023, the SEC filed a lawsuit against Gemini, alleging that our Gemini Earn program, launched in 2021, involved unregistered securities. The program allowed customers to lend crypto assets for interest. In November 2022, our lending partner, Genesis, paused withdrawals, affecting $900 million in customer funds. After a two-year legal process, we’ve reached a settlement that requires Gemini to discontinue custodial services and move all assets to self-custody. This ensures compliance with regulations while keeping your control and security first.
Your Transition to Crypto.com Wallet
Per the settlement, you must transfer your assets to a self-custodial wallet by May 14, 2025. We’ve partnered with the Crypto.com Wallet, a secure platform supporting a wide range of cryptocurrencies, to provide a preconfigured wallet solution. …
:
What This Means for You
After May 14, 2025, Gemini will no longer hold customer assets due to the SEC settlement terms. This 30-day period gives you ample time to transition. Your Crypto.com Wallet, secured by the provided phrase, ensures you have full control over your assets, as required by the resolution. We selected the Crypto.com Wallet for its reliability and user-friendly interface to keep your funds safe and accessible. Please act before the deadline to avoid any issues accessing your assets through Gemini.
submitted by /u/saoiray
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