Winklevoss firm to return $1.1bn to customers

The Winklevoss brothers’ cryptocurrency exchange, Gemini, has announced that it will be returning $1.1 billion to its customers. This move comes after the firm reached a settlement agreement with the New York State Department of Financial Services (NYDFS).

The NYDFS had launched an investigation into Gemini’s practices, particularly its handling of customer funds. As a result of the investigation, Gemini agreed to return the $1.1 billion to its customers and implement new measures to ensure the security of customer funds in the future.

Cameron and Tyler Winklevoss, the founders of Gemini, expressed their commitment to transparency and accountability in a statement following the settlement. They emphasized that the return of the funds is a demonstration of their dedication to protecting their customers and upholding the highest standards of integrity in the cryptocurrency industry.

It remains to be seen how this settlement will impact Gemini’s reputation and standing in the cryptocurrency community. However, the Winklevoss brothers are hopeful that their actions will demonstrate their commitment to ethical business practices and solidify their position as leaders in the industry.