Gemini is a compliance-first US crypto exchange, founded in 2014 by the Winklevoss twins, with MiCA CASP authorisation via Malta's MFSA and a New York BitLicense. The core exchange has never been hacked; however, its third-party lending product (Gemini Earn) froze withdrawals in November 2022 when lending partner Genesis Capital failed — a distinction EU traders should understand before depositing.
Regulatory Standing — Malta MiCA and US BitLicense
Gemini holds MiCA CASP authorisation through Malta's MFSA, allowing it to passport crypto-asset services across EU member states under the Markets in Crypto-Assets Regulation. This is a verified licence, not a pending application.
In the United States, Gemini was among the first exchanges to obtain a New York BitLicense from the NYDFS — a notoriously rigorous regulatory framework covering capital requirements, cybersecurity standards, and AML obligations. This licence has been in place since 2015.
Gemini also operates as a New York trust company, subjecting it to bank-equivalent oversight from the NYDFS. For regulated-market traders, this compliance posture is materially stronger than most retail exchanges.
This is information about Gemini's regulatory status, not financial advice. Always verify licences on the relevant regulator's public register before depositing funds.
The 2022 Gemini Earn Withdrawal Freeze — What Happened and What It Wasn't
In November 2022, Gemini's Earn product suspended customer withdrawals. Understanding what Earn was matters: it was not a core exchange feature. Earn was a yield programme in which Gemini customers lent their crypto to Genesis Capital, a third-party institutional lender affiliated with Digital Currency Group (DCG), in exchange for interest.
When FTX collapsed in November 2022, Genesis Capital halted withdrawals citing significant exposure. Because Earn's underlying counterparty could not return funds, Gemini froze Earn withdrawals in turn. Customers who used Earn — approximately $900 million in assets — were unable to access their funds.
Critically: Gemini's core exchange (spot trading, custody, withdrawals to wallet) continued operating normally throughout. Customers who held assets directly on the exchange — not in Earn — were unaffected.
In January 2024, Gemini and Genesis settled with the SEC, which had alleged the Earn programme constituted an unregistered securities offering. Gemini agreed to return approximately $1.1 billion to Earn customers as part of a bankruptcy settlement with Genesis.
The honest assessment: Gemini's core exchange was not breached or mismanaged in the way FTX was. However, Earn represented a material risk to customers who used it — and that product was marketed as a Gemini offering even though the credit risk sat with a third party. EU traders should note this episode as context when evaluating Gemini's product suite.
Compliance Track Record
Beyond the Earn episode, Gemini's compliance record on its core exchange operations is strong relative to industry peers. It has published Proof of Reserves reports, allowing external verification that customer funds are held on a 1:1 basis.
Gemini undergoes SOC 2 Type II audits covering security, availability, and confidentiality controls — a standard more commonly applied to financial infrastructure than retail crypto exchanges.
The exchange has historically cooperated with US regulatory investigations and law enforcement requests, a posture consistent with its trust-company status. For institutional or regulated-environment traders, this track record is a relevant input.
Products Available to EU Users
Under its Malta MiCA CASP licence, Gemini can offer crypto-asset services to EU retail and professional clients. Available products for EU users typically include spot trading across major cryptocurrencies (BTC, ETH, and a curated list of assets), custody, and crypto-to-fiat conversion.
Gemini's asset listing is intentionally conservative by industry standards — the exchange has historically been selective about which tokens it lists, reflecting its regulatory risk appetite. Traders seeking access to lower-cap or newer tokens may find the selection limited compared to offshore competitors.
Gemini Earn is no longer offered following the Genesis settlement. Any yield or staking products offered going forward would be subject to separate regulatory assessment under MiCA.
Fee structures and product availability for EU users should be confirmed directly at gemini.com, as they may differ from US offerings.
Strengths & limitations
Strengths
- US-headquartered exchange (since 2014) with an EU presence and a compliance/custody focus.
- Holds EU MiCA CASP authorisation via Malta (MFSA) per our research, checkable on the ESMA register.
Limitations
- Private company; verify custody and insurance claims against current terms, not marketing.
- Availability and product access vary by country — verify first.
- We have not completed a hands-on test, so we publish no fees, limits or rating.
Frequently asked questions
Is Gemini safe to use in the EU in 2026?
Gemini holds a verified MiCA CASP licence via Malta's MFSA, which is the primary EU regulatory credential for crypto exchanges. Its core exchange has not been hacked or misappropriated. The 2022 Earn withdrawal freeze involved a separate third-party lending product, not the exchange itself. As with any exchange, only deposit what you can afford to lose and verify the licence on the MFSA public register. This is information, not financial advice.
What happened to Gemini Earn customers?
Gemini Earn froze withdrawals in November 2022 when Genesis Capital — the lending counterparty — halted redemptions following FTX's collapse. Approximately $900 million in customer assets were affected. In 2024, a bankruptcy court approved a settlement under which Earn customers received repayment of approximately $1.1 billion from the Genesis estate. Gemini Earn is no longer offered.
Does Gemini have Proof of Reserves?
Yes. Gemini has published Proof of Reserves attestations, providing external verification that customer assets held on the core exchange are backed 1:1. PoR reports are typically produced by third-party accountants. Check Gemini's transparency page for the most recent report and methodology details.