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Tag: Gemini

March 11, 2023

Death Spiral! Collapse Of Silicon Valley Bank Will Trigger More Startup And Crypto Bankruptcies!

The death spiral in the fintech and crypto sector continues to spin. It started in 2022 with the collapse of the crypto sector last year, which also dragged down the FinTech sector. On 10 March, Californian Silicon Valley Bank (SVB) was taken over by the regulator due to a bank run resulting in lethal liquidity issues. The shutdown of the bank, systemically critical to the U.S. startup and crypto scene, will most certainly trigger more bankruptcies among their clients.

Crypto

March 9, 2023

Crypto On Fire: Gemini Denies Rumors About Ended Relationship With JPMorgan!

Banking is becoming more difficult in the U.S. for crypto schemes. After Silvergate announced its voluntary liquidation, CoinDesk reported this morning that U.S. banking giant JPMorgan plans to end its banking relationship with crypto exchange Gemini owned by Winklevoss Twins, Cameron and Tyler. Back in early 2020, JPMorgan took on Gemini and Coinbase as customers. Gemini immediately denied the CoinDesk report on Twitter.

September 8, 2022

The Disastrous Trustpilot Ratings Of Crypto Exchanges And The Exceptions CEX, Oobit, And BitPanda!

The well-known crypto exchanges like Coinbase, Binance, Crypto.com, or FTX seem to have a problem with their customers. On Trustpilot, most of the top crypto exchanges have scam ratings with customers complaining about unfounded blocked accounts and problems with customer service. Exceptions are CEX.io, Oobit, or BitPanda, which stand out like a lighthouse on Trustpilot. With 4.7-stars and 4.1-stars respectively, CEX.io and BitPanda apparently perform incredibly better than their international competitors.

July 31, 2022

The Crypto Exchanges Performance In June 2022

In June 2022, spot trading volumes across all centralized crypto exchanges fell 27.5% to $1.41tn, the lowest figure recorded since December 2020. Binance’s market share rose to 49.7% in June from 45% in January, according to CryptoCompare. FTX boosted its market share to 8.95% in June from 6% in January, making it the second-largest spot market. Coinbase has seen its share of the spot-trading market fall to 7.39% in June from 10.8% in January. OKX, BeQuant, and Gemini also saw their market share slip.

July 20, 2022

US Crypto Exchange Gemini is Registered as VASP and EMI in Ireland!

The New York-based crypto exchange Gemini, owned by the Winklevoss twins Cameron and Tyler, is a New York trust company regulated by the New York State Department of Financial Services (NYSDFS). According to a blog post, Gemini has become Ireland's first exchange for registering as a Virtual Asset Service Provider. In February 2022, the Central Bank of Ireland authorized Gemini to serve as an Electronic Money Institution. However, in the U.S. the CFTC sued the crypto exchange.

FX Retail

March 18, 2022

The Forbes Top 10 Crypto Exchanges

Forbes has been closely associated with the world's largest crypto exchange, Binance, for at least a couple of weeks. FinTelegram reported that Binance had invested $200 million in preparing the Forbes listing on the NYSE. The investment made the crypto exchange the second-largest shareholder of the online business publication. In its new Top 10 ranking of crypto exchanges, Forbes ranked Binance as #6. Coinbase, Kraken and Robinhood lead the ranking.

CFTC Targets Polymarket and Offshore Crypto Betting Platforms Amid U.S. Presidential Election!

The CFTC’s crackdown on Polymarket and other offshore crypto platforms signals a new phase of enforcement in the prediction market space, where the intersection of derivatives and elections raises complex compliance challenges. With over $930 million in bets placed on Polymarket’s "2024 Presidential Election Winner" market, regulators are taking notice.

SEC
US DOJ

U.S. DOJ and SEC Charge Former CEO and CFO With Fraud and Misleading Auditors!

SEC and DOJ cracked down on fraudulent financial reporting at the tech company Kubient. The company's top executives were misleading investors about revenue, which was central to raising millions. Former CEO Paul Roberts faces up to 20 years for orchestrating this scheme. Kubient is a digital advertising technology whose shares were publicly traded on the Nasdaq between August 2020 and November 2023 under the ticker “KBNT.”

U.S. Tech Companies Face Mounting Regulatory Penalties from EU Authorities

Regulators in the EU are steadily increasing pressure on U.S. tech companies, hitting them with billions in fines for antitrust violations and data privacy breaches. This regulatory offensive is reshaping how these companies operate, especially as new laws like the DMA and DSA come into play. While the U.S. has also taken action against tech giants, the largest monetary penalties have come from European regulators.

Google Wins Major Legal Victory in €1.49 Billion EU Antitrust Case

Google’s legal win against the €1.49 billion fine sets a new precedent in Big Tech’s battle with EU regulators, but the scrutiny is far from over as antitrust challenges mount on multiple fronts. Last week, the EU's top court upheld a fine of €2.42 billion imposed on Google for abusing its dominant position by favoring its comparison shopping service. The war of EU regulators against the dominating U.S. tech companies is far from over.

Auditors
SEC

Audit Firm Prager Metis Settles SEC Charges for Negligence in FTX Audits!

Auditor firm Prager Metis’s negligence in auditing FTX stripped investors of crucial protections, ultimately exposing them to the collapse of one of the biggest crypto frauds in history. The firm agreed to pay $1.95 million to settle charges related to the FTX audits and separate auditor independence violations. The U.S. SEC’s action underscores auditors' vital role as financial gatekeepers.