Summary
TLDR: Department of Financial Services investigation found that Gemini engaged in unsafe practices and its unregulated affiliate collected fees that weakened the company financially.
Key Points
1. Gemini’s failures related to Earn were identified in the investigation.
2. Unsafe and unsound practices were discovered which threatened the financial health of the company.
3. An unregulated affiliate, Gemini Liquidity LLC, collected significant fees from customers, weakening Gemini’s financial condition.