With $3+ Billion in Deposits, Gemini Earn Halts Withdrawals
According to an update from Gemini, Gemini’s Earn program has paused withdrawals.
According to an update from Gemini on November 16, 2022, Gemini’s Earn program has paused withdrawals.
Gemini advertises up to 8.05% APY on select cryptocurrencies deposited on its platform. By the end of August 2022, the total value of digital assets deposited on Gemini Earn exceeded $3 billion.
Gemini says they are “not able to meet customer redemptions” per their own service-level agreement which allows for five business days.
The lending partner of Gemini’s Earn program is Genesis Global Capital, which also paused withdrawals on November 16th.
Today’s announcement does not effect Gemini’s cryptocurrency exchange. According to Gemini, the exchange’s assets are held 1:1 and are “available for withdrawal at any time”.
The news arrives as firms across the digital space continue to experience the negative effects of FTX’s collapse.
This article originally appeared on The Tokenist
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