[4][5][6] In 2023, the company, along with two others, was sued by the New York attorney general Letitia James under allegations that it had "defrauded" investors by exposing them to undue risk.

Gemini began to facilitate the purchase and storage of Bitcoin through a complex system of private keys and password-protected environments.

[17] Also in April, Gemini began to utilize NASDAQ's SMARTS technology to monitor trades and combat fraudulent activity and price manipulation on its exchange.

[23][24] The goal of the NFT marketplace is to be a custodian for various assets, including property deeds, passports, commodities, collectibles, videogame characters, movies, music and event tickets.

[30] Also on June 2 Cameron and Tyler Winklevoss announced they would be laying off 10% of the company staff, citing a "contraction phase" known as "crypto winter" in the cryptocurrency industry.

As part of the same action, the SEC also charged Genesis Global Capital, a subsidiary of Digital Currency Group, which held approximately $900 million in investor assets from 340,000 Gemini Earn customers.

[32] The SEC is seeking permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties against both Gemini and Genesis.

[33] In March 2023, rumors about American multinational financial services company, JPMorgan (JPM) ending its banking relationship with Gemini were raised.

Part of the settlement states that Genesis would return assets to investors and pay $21 million to the SEC; the deal was made final in March 2024.

[47][48][49] On March 1, 2024, Gemini agreed to refund at least $1.1 billion to users of its halted Earn program and pay a $37 million fine,[50] following a settlement with the New York Department of Financial Services over allegations of unsafe practices related to its partnership with the now-bankrupt Genesis Global Capital.

[51][46] The site's primary challenge has been remaining online at times of excessively high volumes, a relatively common occurrence for any website receiving an unusual amount of traffic.