Gemini shuttered access to its exchange platform Wednesday following an announcement the company was pausing its Earn product.
Gemini Earn paused withdrawals Wednesday after prime broker Genesis, halted customer redemptions and new loan originations within its lending division.
Gemini released a statement when it paused Gemini Earn, noting that “we are aware that Genesis Global Capital, LLC (Genesis) — the lending partner of the Earn program — has paused withdrawals and will not be able to meet customer redemptions within the service-level agreement (SLA) of 5 business days.”
Source: Gemini
At the time, Gemini noted that other products and services are unaffected, stating that “Gemini is a full-reserve exchange and custodian. All customer funds held on the Gemini exchange are held 1:1 and available for withdrawal at any time.”
On Wednesday, around 11:30 am ET, users looking to access Gemini’s exchange or sign up for an account were redirected to an error message, st
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