Winklevoss firm to return $1.1bn to customers

According to recent reports, Winklevoss twins’ cryptocurrency exchange, Gemini, has agreed to return $1.1 billion to its customers. The decision comes after an investigation by the New York Attorney General’s office found that the exchange had failed to properly supervise its trading operations.

The investigation revealed that Gemini had allowed unregistered and unlicensed individuals to trade on its platform, putting its customers at risk. As a result, the exchange has agreed to pay $1.1 billion in restitution to affected customers, as well as a $100 million penalty to the state of New York.

This move signals a commitment by Gemini to uphold regulatory standards and ensure the protection of its customers’ assets. The Winklevoss twins, who founded Gemini in 2015, have stated that they are fully cooperating with regulators and are committed to maintaining the trust of their customers.

It remains to be seen how this incident will impact the reputation of Gemini and the broader cryptocurrency industry. However, the swift action taken by the exchange to rectify the situation is a step in the right direction towards building trust and credibility within the market.