Winklevoss Brothers Back Gemini with $100M Loan

Tyler and Cameron Winklevoss, co-founders of the United States-based cryptocurrency exchange Gemini, reportedly dipped into their own pockets to loan the business $100 million amid the crypto market downturn.

The loan came amidst regulators scrutinizing Gemini’s activities. In January, the US Securities and Exchange Commission charged the exchange, as well as Genesis Global Capital, with offering unregistered securities through its Earn program.

New York’s Department of Financial Services also reportedly began investigating Gemini following reports many users claimed assets in their Earn accounts had been afforded FDIC protection.

Tyler Winklevoss accused the SEC of issuing a “manufactured parking ticket,” claiming Gemini staff had been in talks with the regulator for more than a year prior to its enforcement action.

This echoed the sentiment of Coinbase, whose chief legal officer said personnel had met with SEC representatives “more than 30 times over nine months” but still received a Wells notice.