Gemini Trust Co fined $37m in New York, in part for CDD failings

A New York limited trust company that directed customers to make unsecured loans to an unregulated third-party company it had not adequately checked, leaving 200,000 of them unable to access their virtual currency deposits, will pay US$37 million under a consent order signed with the New York Department of Financial Services at the end of February.

A New York limited trust company that directed customers to make unsecured loans to an unregulated third-party company it had not adequately checked, leaving 200,000 of them unable to access their virtual currency deposits, will pay US$37 million under a consent order [1] signed with the New York Department of Financial Services (DFS) at the end of February [2024].