ChainCatcher news, according to CoinDesk, the New York State Department of Financial Services (NYDFS) announced today that it has reached a settlement with Gemini. As part of the settlement agreement, Gemini will pay $40 million to Genesis for its ongoing bankruptcy proceedings and $37 million in fines to NYDFS.Gemini "commits" to returning $1.1 billion to Gemini Earn program customers before Genesis completes its bankruptcy proceedings.Gemini stated on Twitter that if the bankruptcy court approves the agreement, the return of these funds would mean that customers will receive 100% of their assets. NYDFS stated that it reserves the right to sue Gemini if it fails to fulfill its obligations.

ChainCatcher news, the New York State Department of Financial Services (NYDFS) will require cryptocurrency companies to meet strict standards in capitalization, cybersecurity protection, and anti-money laundering protocols through a virtual currency assessment regulation to determine how crypto companies assess regulatory-related costs. Only companies holding a cryptocurrency license issued by NYDFS are subject to this regulation, and currently, only 22 companies hold that license. (Source link)

ChainCatcher news, the New York State Department of Financial Services officially announced that the department has enhanced its ability to detect fraud and other illegal activities among entities engaged in virtual currency activities regulated by the state of New York through a new insider trading and market manipulation risk monitoring tool.The new feature aims to detect potential insider trading, market manipulation, and activities related to virtual currency wallet addresses associated with entities and applicants regulated by the department that are exposed or potentially exposed. The New York State Department of Financial Services will continue to use all its regulatory tools to stay in sync with the industry, develop data-driven policy decisions, and actively respond to the virtual currency market. (Source link)

ChainCatcher news, according to Axios, the New York State Department of Financial Services (NYDFS) is investigating the cryptocurrency exchange platform Gemini. FDIC officials stated that federal law prohibits anyone from implying that uninsured products are FDIC insured, or from intentionally misrepresenting the scope and manner of deposit insurance. While the FDIC language used by Gemini is misleading, it is currently unclear whether it has actually violated the law. (Source link)