Gemini reaches a settlement with the New York State Department of Financial Services, committing to return $1.1 billion to Earn customers

ChainCatcher news, according to CoinDesk, the New York State Department of Financial Services (NYDFS) announced today that it has reached a settlement with Gemini. As part of the settlement agreement, Gemini will pay $40 million to Genesis for its ongoing bankruptcy proceedings and $37 million in fines to NYDFS.

Gemini "commits" to returning $1.1 billion to Gemini Earn program customers before Genesis completes its bankruptcy proceedings.

Gemini stated on Twitter that if the bankruptcy court approves the agreement, the return of these funds would mean that customers will receive 100% of their assets. NYDFS stated that it reserves the right to sue Gemini if it fails to fulfill its obligations.