Consumer complaint received 2022-12-06
Company: Winklevoss Exchange LLC
State: FL
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Money was not available when promised

Complaint:
I placed my XXXX, XXXX, XXXX and a few other crypto assets on Gemini 's " Earn. '' They stated my money would be redeemed within 5 working days. Five days went by, ten days went by and now they state the redemption of my crypto assets is " Pending. '' That they are sorry, that they are an agent for XXXX, and that it is a very stressful time for them. I then kept on asking for updates and it wasn't until I had sent over a dozen requests that they replied. The Amount is approximately ( as of this writing ) {$10000.00}. The dates are probably from XXXX XXXX XXXX  to present. With respect to the Earn program, there is a statement on their website, that ultimate responsibility lies with the customer and that the customer can lose his/her assets and that Gemini is not responsible. The problem is this statement was buried inside their website. I never saw it. Furthermore, they kept promoting the Earn program. Here : " Hi XXXX, We wanted to let you know our interest rates on XXXX, XXXX, and XXXX changed, effective XXXX XXXX XXXX 

The new interest rates for Gemini Earn assets lent to XXXX are : XXXX : 2.53 % XXXX XXXX : 2.28 % XXXX  XXXX : 4.86 % XXXX The previous interest rates were : XXXX : 2.75 % XXXX XXXX : 2.53 % XXXX XXXX : 5.13 % XXXX All other rates for the assets you have in Gemini Earn are unchanged. You can see all our rates at XXXX XXXX XXXX  and in the Grow tab of your Gemini app. As a reminder, your interest compounds daily and your interest accrued can be viewed in your Earn balance. 

Why did the interest rates change? Since Gemini Earn is a lending program, it is subject to the same market forces of supply and demand that affect every lending market. Gemini and its partners in Gemini Earn monitor market dynamics and adjust rates as needed. 

XXXX  are rounded to two digits after the decimal point based on daily compounding. The daily simple rate is available for viewing in your monthly Gemini statement. 
View your Earn balance '' There is no statement here with respect to Gemini not having ultimate responsibility for the funds. Yet, they pushed the product. Similarly, in the Gemini website. Here, it states my crypto assets are pending. 


Pending balances {$10000.00} USD These funds are in the process of being moved from your Earn balance to your Trading balance. 

Important information regarding redemptions Please check our FAQ regarding redemptions. 
Learn more XXXX redemption XXXX XXXX XXXX XXXX XXXX {$1.00} XXXX XXXX redemption XXXX XXXX XXXX XXXX XXXX {$0.00} XXXX XXXX redemption XX/XX/ XXXX XXXX XXXX XXXX {$3000.00} XXXX XXXX redemption XXXX XXXX XXXX XXXX XXXX {$0.00} XXXX XXXXXXXX redemption XX/XX/XXXX XXXX XXXX {$7200.00} XXXX XXXXXXXX redemption XX/XX/XXXX XXXX XXXX XXXX {$0.00} XXXX XXXXXXXX redemption XX/XX/XXXX XXXX XXXX XXXX {$330.00} XXXX XXXX redemption XX/XX/XXXX XXXX XXXX {$0.00} XXXX XXXXXXXX redemption XX/XX/2022 XXXX XXXX {$7.00} XXXX XXXXXXXX redemption XX/XX/2022 XXXX XXXX {$0.00} XXXX Wed, XX/XX/XXXX at XXXX XXXX  LETTER FROM GEMINI DATED : XXXXXXXX XXXX XXXX. I RECEIVED SIMILAR LETTER WITH RESPECT TO XXXX XXXX AND ALL XXXX ASSETS ON SAID DATE. 


Hi XXXX, You requested to redeem XXXX XXXX  from Gemini Earn. These funds will be available in your Trading balance as soon as possible within 5 business days. We will notify you when your redemption is complete. 

Requested on : XXXX XXXX XXXX XXXX XXXX  Redemption amount : XXXX XXXX View portfolio If you have any questions, please contact customer support. We're here to help. 
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Link to Gemini 's XXXX account Link to Gemini 's XXXX account Link to Gemini 's XXXX account Link to Gemini 's XXXX account In accordance with the terms of our User Agreement, for all deposits into your Gemini account, we will not be responsible for the delayed delivery or non-delivery from an external party of any digital asset or fiat currency, as applicable. 

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Gemini Trust Company , LLC ( XXXX Gemini XXXX, XXXX in XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  and XXXX  XXXX XXXX Gemini XXXX in XXXX  and XXXX ) XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX NY XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  Gemini Trust Company , LLC ( XXXX Gemini XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, and XXXX ; XXXX Gemini XXXX in XXXX and XXXX ). All rights reserved.

Company response to consumer: Closed with explanation