Breaking: Gemini Earn halts withdrawals due to ‘market turmoil’ caused by FTX fallout

• Cryptocurrency exchange Gemini announced that it has paused withdrawals on its Earn program.
• Genesis Global, the lending partner of the Earn program, halted withdrawals Nov. 16 due to the “unprecedented market turmoil” the FTX collapse has created.
• With withdrawals halted until further notice, Genesis will not be able to meet customer redemptions as part of its service-level agreement (SLA) with Gemini Earn.

1/6 We are aware that Genesis Global Capital, LLC (Genesis) — the lending partner of the Earn program — has paused withdrawals and will not be able to meet customer redemptions within the service-level agreement (SLA) of 5 business days. https://t.co/9e48pF3Ymn

— Gemini (@Gemini) November 16, 2022

• The company said that it was working with the Genesis team to help customers redeem their funds from the Earn program “as quickly as possible” but provided no date as to when withdrawals might resume.
• None of Gemini’s other products or services have been impacted by this and all of the customer funds held on the Gemini exchange are held 1:1 and available for withdrawal at any time, the company said.

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