Last Updated: March 8, 2023 at 1:55 p.m. ET
First Published: March 8, 2023 at 1:54 p.m. ET
JP Morgan JPM is reportedly ending its banking relationship with crypto exchange Gemini, according to a CoinDesk report Wednesday citing an anonymous source. The crypto industry has been facing increased regulatory scrutiny, after the collapses of several major companies. Gemini’s Earn program, which was supposed to allow customers to earn interests by lending their crypto to institutional investors, paused withdrawals since November after the exchange’s lending partner Genesis collapsed. The Securities and Exchange Commission in January charged Genesis and Gemini for offering and selling unregistered securities to retail…
JP Morgan
JPM
is reportedly ending its banking relationship with crypto exchange Gemini, according to a CoinDesk report Wednesday citing an anonymous source. The crypto industry has been facing increased regulatory scrutiny, after the collapses of several major companies. Gemini’s Earn program, which was supposed to allow customers to earn interests by lending their crypto to institutional investors, paused withdrawals since November after the exchange’s lending partner Genesis collapsed. The Securities and Exchange Commission in January charged Genesis and Gemini for offering and selling unregistered securities to retail investors through the Earn program. A representative at JP Morgan declined to comment. Representatives at Gemini didn’t immediately respond to a request seeking comment.
