Gemini, Genesis Sold Unregistered Securities states SEC

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The billionaire Kevin O’Leary-backed WonderFi has acknowledged that it is in initial talks with Coinsquare. The two exchanges have not finalized a proposed merger yet; WonderFi refers to the discussions as “preliminary at this stage.” According to a Bloomberg report, the two exchanges were engaged in “advanced merger talks” in order to “form a Canadian crypto powerhouse.” The Toronto-based cryptocurrency exchange Coinsquare is another one that operates in Canada. As one of Canada’s few publicly traded companies, WonderFi has had its share price rise by about 30% in the past day due to merger rumors in the media. In a deal that CoinSmart stated would see them get $3 million in cash and over $26 million in Coinsquare shares as payment. Coinsquare canceled an agreement to buy all the outstanding shares for a subsidiary of CoinSmart. 

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In a lawsuit filed on Thursday, the US Securities and Exchange Commission (SEC) stated that Gemini, the cryptocurrency exchange, and Genesis Global Capital, a crypto lender sold confidential securities. In line with the complaint, “Defendants offered and sold the Gemini Earn Agreements through the Gemini Earn Program without registering” with securities regulators. Shaken by the failure of their well-known yield product, the Winklevoss twins have accused Silbert of fraud in the handling of Genesis by his company; Silbert dismisses the brothers’ claims as a PR gimmick. The popular programme was allegedly an unregistered security, according to the authority.

CEO of Kris Marszalek said, “We’ve had to handle continuing economic challenges and unforeseen business developments.” The corporation will further reduce its global employment by 20%, citing “recent industry events” and challenging market conditions. The company reports that all affected employees have already been informed.

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