It is reported that the New York State Department of Financial Services is dealing with the cryptocurrency exchange Gemini is in the income loan program to settle claims for assets.

The Financial Services Department of New York State, the Gemini agency that handles companies belonging to the state's BitLicense rules and regulations, has launched an investigation following reports that many users feel that the property in their accounts is being maintained by the Federal Deposit Insurance Corporation, according to a report by Axios on January 30. The government department previously issued termination and stop orders to five login password companies that explicitly submitted similar claims, mainly including FTX US.

At this stage, it is not clear whether Gemini is violating federal laws and regulations, as some customers seem to have taken away income goods maintained by FDIC, rather than property held by financial companies covered by such commercial insurance. Under the Federal Deposit Insurance Act, I cannot "indicate or imply that all uninsured products are insured by FDIC, or deliberately distort the scope and methods of deposit insurance".

Genesis, the login password lender that runs the EARN project with Gemini, suspended cash withdrawals in November because of "unprecedented unrest in the sales market". The company then declared bankruptcy under Chapter 11 of the Company Law in January. It was reported that profitable user assets of $900 million are likely to have been locked up.

Gemini has been a target for regulatory accounts and password users since the aftermath of the Eain project. In January this year, the Foreign Securities and Exchange Commission (U.S.Securities and Exchange Commission) sued the exchange for granting unregistered securities based on profits, while in December last year, a group of investors sued Gemini founders Tai Qin and Cameron Winklevos for fraud.

Cameron Winklevoss claimed on the social platform that CEO Meher Sedabet and Genesis of Genesis's parent company, Digital currency, had defrauded more than 340000 users in the Gemini revenue plan. According to the Gemini founder, Sedabot, DCG and Genesis orchestrated a "well-orchestrated lie fitness exercise" designed to cover up the credit company's lack of capital.

Cointelegraph contacted the New York City Department of Financial Services but did not receive a text message when it was released.