Bankrupt Genesis Global Capital LLC has agreed to pay a $21 million civil penalty to settle charges with the U.S. Securities and Exchange Commission (SEC). The charges were related to the unregistered offer and sale of securities through its crypto asset lending program, specifically the Gemini Earn program. This settlement comes after the firm's November 2022 decision to suspend withdrawals, affecting 340,000 customers and $900 million in assets. The SEC announced that a portion of the penalty would be used to compensate affected investors. Additionally, the settlement includes a permanent injunction against Genesis. A federal judge has signed off on the settlement, which stipulates that Genesis will prioritize the payment of bankruptcy claims before settling the penalty. Genesis has neither admitted nor denied the SEC's findings as part of the settlement agreement.
SEC: "okay you owe us $20 mil as a fine" Genesis Lawyers *look at each other, hushed whispering* Genesis Lawyers: "Make that $21 million" *Everyone starts high fiving each other* https://t.co/Zd4sJHxyKH
Bankrupt Crypto Lender Genesis to Pay $21 Million to Settle SEC Charges ► https://t.co/CHAQs8TGnr https://t.co/CHAQs8TGnr
JUST IN: The 🇺🇸 SEC announces Genesis Global Capital agrees to pay $21M penalty & permanent injunction for unregistered crypto asset lending via Gemini Earn program, which the SEC deems involved the sale of securities. Genesis neither admitted nor denied the SEC's findings. https://t.co/Du1IsEo9nO
Genesis Hit With $21 Million Civil Penalty Over Gemini Earn, Payment To Come After Retail Investors Paid Back $BTC https://t.co/n8BDYqPaL8 via @TheDeepDive_ca
A federal judge signed off on bankrupt crypto firm Genesis Global Capital’s settlement with the SEC over allegations a digital-asset lending program it helped run violated the agency’s rules. https://t.co/bg5LbbXRJF
Today we announced that Genesis Global Capital LLC agreed to pay a $21 million civil penalty to settle charges that it engaged in the unregistered offer and sale of securities through the Gemini Earn program. More: https://t.co/FrDGLd443P
⚠️ BANKRUPT CRYPTO LENDER GENESIS TO PAY $21 MILLION TO SETTLE SEC CHARGES Full Story → https://t.co/YxzHjNE6sb Genesis Global Capital LLC has agreed to pay a $21 million civil fine to settle charges that it illegally sold securities through its crypto lending program without… https://t.co/GeSP6v99VY
Bankrupt crypto lender Genesis has agreed to pay $21 million in a final judgment to settle charges with the SEC, the regulator announced Tuesday. @amitoj reports https://t.co/co0FfGyALO
SEC TO POCKET A PORTION OF GENESIS’ $21 MILLION CIVIL PENALTY - Genesis Global Capital LLC must pay a civil penalty of some $21 million as a key component of its now-ending case with the US Securities and Exchange Commission (SEC). - Genesis was accused of making an… https://t.co/lcvV05ibez https://t.co/rNKKDt7NbT
#BreakingNews Crypto Lender #Genesis Agrees to $21 Million SEC Fine, Funds to Await Bankruptcy Claim Settlements https://t.co/7rLQ7gjiCf
SEC slaps bankrupt crypto trading firm Genesis with $21m penalty https://t.co/N4pCPRAify
📣 Latest News: Genesis agrees to pay $21M to settle SEC case #news #cryptonews #crypto #regulations
Genesis Global Capital will pay a $21 million fine and enter a permanent injunction to resolve the SEC's allegations https://t.co/9YPgOAoU1o
🚨 JUST IN: Genesis Global Capital settles with #SEC for $21M over unregistered securities charges related to Gemini Earn program. Settlement follows Genesis' November 2022 withdrawal suspension, affecting 340,000 customers and $900M in assets.
🚨JUST IN: GENESIS TO PAY $21 MILLION CIVIL PENALTY AS PART OF SEC SETTLEMENT
Genesis agrees to $21 million penalty, with bankruptcy claims to be paid first https://t.co/5vfMySXtIy
Genesis Agrees to Pay $21 Million Penalty to Settle SEC Charges https://t.co/9Cq6Vfw74q
❖ SEC: Genesis Global Charges Related to Crypto Asset Lending Program known as Gemini Earn ❖ SEC: Genesis Global Agrees to Pay $21 Million Penalty to Settle SEC Charges
*GENESIS AGREES TO PAY $21 MILLION PENALTY TO SETTLE SEC CHARGES OVER EARN PROGRAM: PRESS RELEASE - THE BLOCK PRO
SEC: Genesis Agrees to Pay $21 Million Penalty to Settle SEC Charges https://t.co/mzycURDvRP