Crypto exchange Gemini to pay $1.1 billion back to customers

Gemini Trust, a cryptocurrency exchange, will refund at least $1.1 billion to customers of its closed lending program following a settlement with a New York regulator. The exchange will also pay a $37 million fine for regulatory failures. Gemini Earn, the lending program, promised customers low-risk investments with up to 8% interest. As part of the settlement, customers will receive 100% of their digital assets plus appreciation. Gemini is still facing a separate lawsuit filed by New York’s attorney general regarding allegations of lying to investors and covering up losses.