Is the Gemini exchange in trouble? | Bitcointalksearch.org

bkelly13

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Quote from: Z-tight on October 26, 2023, 05:40:58 AM

Good, if i may ask, what is your cold storage device, a hardware wallet, an airgapped set up or what? And what difficulties were you having that made you uncomfortable with it. Just asking to be sure you are doing everything right so you don't make any big mistake.

Quote from: bkelly13 on October 25, 2023, 11:16:19 PM

I did have some questions on the topic of what the SEC, and maybe other agencies, use to declare that something is an investment and therefore should be regulated.

I have a Trezor. I had the safe words and password in my safe, but had to move four times in the last year, and one more coming up soon, gave the safe to my daughter rather than cart it across the U.S., and now have misplaced all that data. If it cannot be found I may need to purchase a new device.

DaveF

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Quote from: NotATether on October 26, 2023, 03:29:20 AM

Quote from: OmegaStarScream on October 25, 2023, 05:22:06 AM

Gemini seems to have a lawsuit against them as you have mentioned, you don't want to wait and see what the outcome of that would be. Withdraw your funds and use another platform. If you're from the U.S as I think you are, try Coinbase.

But Gemini was already in turmoil before that, when it's Gemini Earn program collapsed (because of Genesis et al, we all know the story by this point), their customers were burned, and nobody knows if the Winklevoss twins are pumping money inside the exchange to save it.

Also, to those of you suggesting Binance.US as an alternative - it's not much better from a legal point of view. Undecided

Actually with a little digging you can probably find out who, if anyone is putting money in. They are regulated by the NYSDFS and have to obey their capital reserve requirements. And since they are in NY and not some 3rd world country where you can just pay someone to say that funds are there it's probably buried in some document someplace when discussing their capital reserves and where the money came from.

I have said it before and I'll say it again, NY is an overly regulated state. But, with a lot of the finance things it really does help since they have proven time and time again they will kick out banks / financial institutions / etc. who don't play by their rules.

-Dave

khaled0111

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^^
I totally agree with what the above member has said. Withdraw all your coins to your own wallet. Thus way your coins will be under your custody and you can, later, transfer them to any exchange you want. My advice is to always use reputable exchanges even they charge higher fees.
When sending your coins to an exchange to trade/exchange them, don't send the whole amount, just send the amount you want to trade/exchange.

Rikafip

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Quote from: bkelly13 on October 25, 2023, 02:11:10 AM

I have seen a few articles about the Gemini crypto exchange and legal problems in the U.S. Do you think they are in real trouble? Might that put my, our, coins in jeopardy?

Your coins are in jeopardy as long as you keep them on centralized exchange, no matter the exchange and no matter the current situation.

Quote from: bkelly13 on October 25, 2023, 02:11:10 AM

If I move to a different exchange, which one charges the least to sell coins and transfer the cash to a local bank for withdrawal?

When choosing an exchange for something senitive as that, you shoulnd't only look at which one is the cheapest but also which one is the least likely to screw you over. So, stick to the few most "reputable" ones are chances are that you won't have much issues. Another tip: don't try to do it all in one go and instead do it in more smaller transactions to minimize the possible dmaage if things go south.

Z-tight

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Quote from: bkelly13 on October 25, 2023, 11:16:19 PM

but will get back to working my cold storage device now.

Good, if i may ask, what is your cold storage device, a hardware wallet, an airgapped set up or what? And what difficulties were you having that made you uncomfortable with it. Just asking to be sure you are doing everything right so you don't make any big mistake.

Quote from: bkelly13 on October 25, 2023, 11:16:19 PM

I did have some questions on the topic of what the SEC, and maybe other agencies, use to declare that something is an investment and therefore should be regulated.

Do we even know exactly anymore, these days it just seems like they want to regulate and control everything, including privacy solutions.

tabas

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Quote from: bkelly13 on October 25, 2023, 11:16:19 PM

Good answers from all. I have had some difficulties in my personal life, good difficulties that is, but will get back to working my cold storage device now.
I did have some questions on the topic of what the SEC, and maybe other agencies, use to declare that something is an investment and therefore should be regulated. But that should be a separate thread and I need to re-read the concepts before posting questions.

To each of you, thank you for your time.

It differs, sometimes it's about a project that isn't declared as a security but it is an actual security and check this article they published, maybe it has got some answers and there's more but yeah, much better ask that on a separated thread. Going to your cold storage, that's all you need to have. And when you need to trade, you can just transfer it from time to time if you needed to. It seems that the purpose of this thread has been served and you're satisfied with everyone's answer, you can start locking this thread and just open it again if ever you've got some follow up questions related to them.

NotATether

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Quote from: OmegaStarScream on October 25, 2023, 05:22:06 AM

Gemini seems to have a lawsuit against them as you have mentioned, you don't want to wait and see what the outcome of that would be. Withdraw your funds and use another platform. If you're from the U.S as I think you are, try Coinbase.

But Gemini was already in turmoil before that, when it's Gemini Earn program collapsed (because of Genesis et al, we all know the story by this point), their customers were burned, and nobody knows if the Winklevoss twins are pumping money inside the exchange to save it.

Also, to those of you suggesting Binance.US as an alternative - it's not much better from a legal point of view. Undecided

Husires

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Quote from: bkelly13 on October 25, 2023, 02:30:18 AM

Yes, I am a bit worried. But maybe too worried. I have, what is to me, a substantial amount in their exchange.

The real trouble is putting your money in a central service that can freeze it at any time, demand more data, or lose your money. If the platform goes bankrupt, then the procedures for returning the money will take years, and you may not be able to recover your entire balance.
There is a court ruling against Gemini Exchange and most likely it will end in paying a fine and thus you will be able to continue trading normally or think about alternatives like Coinbase, but do not leave your money on the platform and withdraw it to cold storage.
Gemini is better than many US exchange better than binance.US and coinbase maybe the best.

bkelly13

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Good answers from all. I have had some difficulties in my personal life, good difficulties that is, but will get back to working my cold storage device now.
I did have some questions on the topic of what the SEC, and maybe other agencies, use to declare that something is an investment and therefore should be regulated. But that should be a separate thread and I need to re-read the concepts before posting questions.

To each of you, thank you for your time.

Darker45

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Quote from: bkelly13 on October 25, 2023, 02:30:18 AM

Yes, I am a bit worried. But maybe too worried. I have, what is to me, a substantial amount in their exchange.

I have a cold storage wallet but am not yet comfortable with it. Maybe I need to work that. My thought is to put a small amount into the cold wallet, create a new account with Binance, or Kraken, or someone, then transfer to there and see the coins pop up. I suppose that will take two transaction periods which I think are about 10 to 15 minutes each. Is that a reasonable plan?

Too worried should be what everybody feels when their substantial funds are in the hands of somebody else. But I kind of get your point, who's not facing a lawsuit anyway? That's very common among top crypto exchanges. Gemini is facing one, so you want to move to another. Where, Binance? It's also facing a lawsuit. CZ himself is facing a lawsuit. So, Coinbase? The same. Kraken? Probably not sued in the US but investigated, fined, and so on, and its operator in Australia is facing a lawsuit as well.

So, if you want to let go of this unnecessary worry, withdraw your funds. You can probably get comfortable with your cold wallet in less than an hour.

tabas

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Quote from: bkelly13 on October 25, 2023, 02:30:18 AM

Yes, I am a bit worried. But maybe too worried. I have, what is to me, a substantial amount in their exchange.

I have a cold storage wallet but am not yet comfortable with it. Maybe I need to work that. My thought is to put a small amount into the cold wallet, create a new account with Binance, or Kraken, or someone, then transfer to there and see the coins pop up. I suppose that will take two transaction periods which I think are about 10 to 15 minutes each. Is that a reasonable plan?

If for your peace of mind and you are too worried about it then just do it. That plan of yours is reasonable and if it keeps you thinking minute after minute of something might happen to them because of their current issue which makes you think about them affecting your funds, do the transfer and then just re-do it when you think that the storm has been calmed for them. But the better suggestion of transferring it is to your own cold storage and wallet so, you have the control to your own funds and I know it kinds of giving you the lazy feels but you have to do that transfer just to calm your mind and don't mind the fees because they've always been so minimal.

Z-tight

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Quote from: bkelly13 on October 25, 2023, 02:30:18 AM

Yes, I am a bit worried. But maybe too worried. I have, what is to me, a substantial amount in their exchange.

It doesn't matter if Gemini is in trouble right now or not, you should not store a substantial amount of your money in a centralized exchange, they might be fine today, but become insolvent and collapse tomorrow.

Quote from: bkelly13 on October 25, 2023, 02:30:18 AM

I have a cold storage wallet but am not yet comfortable with it. Maybe I need to work that. My thought is to put a small amount into the cold wallet, create a new account with Binance, or Kraken, or someone, then transfer to there and see the coins pop up. I suppose that will take two transaction periods which I think are about 10 to 15 minutes each. Is that a reasonable plan?

Moving your funds from Gemini to Binance or Kraken doesn't eliminate the risk of centralized exchanges and it only gives you a false sense of security, since you have a cold storage set up, then use it. Why aren't you comfortable using your cold storage wallet if i may ask? Holding your keys is not a hard thing to do. Take note that whatever funds you have in any exchange isn't yours, because not your keys, not your coins.

DaveF

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Nah, it's not a big deal.

1) The issue is they were pushing Genesis and with this.

Quote from: YOSHIE on October 25, 2023, 08:46:56 AM

...
1. Topic: Crypto Groups Gemini, Genesis, and DCG Sued for $1.1 Billion ‘Fraud’
2. Topic: Lost money Transferring from Bittrex to Gemini
3. Topic: gEMINI CLOSED MY ACCOUNT WITH no EXPLANATION... WHY?...

#1 is what we are talking about now
#2 is 100% user error sending a token that Gemini does not support to Gemini back in 2018
#3 is a 2 post user from back in 2019 about them closing their account. Legit CEX will close your account if anything looks the tiny bit off to their security people. And they will never tell you why.

There are a lot of reasons not like Gemini / CEX. These are not any of them.

-Dave

YOSHIE

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Quote from: bkelly13 on October 25, 2023, 02:11:10 AM

I have seen a few articles about the Gemini crypto exchange and legal problems in the U.S. Do you think they are in real trouble? Might that put my, our, coins in jeopardy?

Whatever problem you are currently facing with the Gemini exchange, if I look at it it is clear that the exchange is having problems.
This can be seen from several members here who complained.
For example:
1. Topic: Crypto Groups Gemini, Genesis, and DCG Sued for $1.1 Billion ‘Fraud’
2. Topic: Lost money Transferring from Bittrex to Gemini
3. Topic: gEMINI CLOSED MY ACCOUNT WITH no EXPLANATION... WHY?

Quote from: bkelly13 on October 25, 2023, 02:11:10 AM

If I move to a different exchange, which one charges the least to sell coins and transfer the cash to a local bank for withdrawal?

This depends on where you live, of course your location will help your problem, who knows, the members here can show you the best exchange.

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Quote from: bkelly13 on October 25, 2023, 02:11:10 AM

I have seen a few articles about the Gemini crypto exchange and legal problems in the U.S. Do you think they are in real trouble? Might that put my, our, coins in jeopardy?

I think you are talking about a recent lawsuit against Gemini by the SEC, because Gemini was selling some securities that were prohibited by the SEC, Well, overall, IMHO, Gemini is a registered (licensed) exchange in the US, but if you really think this lawsuit against them can cause SEC to stop their services in US as they did with Binance, then I will prefer you to move your funds to any non-custodial wallet.

Quote from: bkelly13 on October 25, 2023, 02:11:10 AM

If I move to a different exchange, which one charges the least to sell coins and transfer the cash to a local bank for withdrawal?

I think you should go for Coinbase or any other decentralized exchange that will also do the work for you, but I think you are asking only about centralized exchanges, so the Coinbase is better option for you.

OmegaStarScream

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Gemini seems to have a lawsuit against them as you have mentioned, you don't want to wait and see what the outcome of that would be. Withdraw your funds and use another platform. If you're from the U.S as I think you are, try Coinbase.

Quote from: bkelly13 on October 25, 2023, 02:30:18 AM

I have a cold storage wallet but am not yet comfortable with it. Maybe I need to work that. My thought is to put a small amount into the cold wallet, create a new account with Binance, or Kraken, or someone, then transfer to there and see the coins pop up. I suppose that will take two transaction periods which I think are about 10 to 15 minutes each. Is that a reasonable plan?

.

You should probably keep your funds in your hardware wallet as long as you're not trading. Not sure which device you're using but most reputable HWs are pretty straightforward and simple to use, just like software ones, the only difference is that you need to authorize the payments from the devices

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Quote from: bkelly13 on October 25, 2023, 02:30:18 AM

Yes, I am a bit worried. But maybe too worried. I have, what is to me, a substantial amount in their exchange.

I have a cold storage wallet but am not yet comfortable with it. Maybe I need to work that. My thought is to put a small amount into the cold wallet, create a new account with Binance, or Kraken, or someone, then transfer to there and see the coins pop up. I suppose that will take two transaction periods which I think are about 10 to 15 minutes each. Is that a reasonable plan?

Are you a trader? On the other hand, storing the majority of assets on a centralized exchange is a bad idea, I think you should withdraw all your funds to a cold wallet immediately if you are just a long-term holder. No reputable exchange can guarantee the safety of your assets, whether it is binance or kraken.

But if you still insist on leaving your assets on exchanges because you have your own reasons, you can turn to Binance or OKX, both of which are considered trustworthy exchanges. But I really do not recommend that you leave assets on centralized exchanges, their task is only to trade, buy and sell...not to store.

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I don’t know how serious is the issue. But to be honest, the exchange’s freedom and reputation not looking good in this US crypto market. Moreover it’s very strange to hear that you are holding the coins in exchanges. Use offline wallets or hardware wallets to always store the coins. These exchanges are often prone to hacks and breaches, so move ASAP your coins to something more reliable. Now regarding the best exchange, then I use Binance’s P2P markets to sell the coins in good price.

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Quote from: bkelly13 on October 25, 2023, 02:11:10 AM

I have seen a few articles about the Gemini crypto exchange and legal problems in the U.S. Do you think they are in real trouble? Might that put my, our, coins in jeopardy?

If I move to a different exchange, which one charges the least to sell coins and transfer the cash to a local bank for withdrawal?

I think there is an ongoing clamp down on exchanges on the US soil. I can't say for a certain what exchanges are being targeted but I know loads of top tier centralised exchanges are not left out. It just a pity that a technology with so much potentials is dragging anyone trying to create a pathway for it to stream properly into the economy of nations without much hurdles through SEC and its bias motives.

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Definitely because it looks like this exchange is in some deep trouble. There's already a whopping $1 billion lawsuit against them for allegedly scamming investors. That's no small change..... And if they're found guilty, they'll be facing multiple lawsuits from angry investors, and jail time could be on the horizon.

Good thing you're keeping up with the news. If you've got any funds in that exchange, I'd say it's time to pull them out while you still can. As the poster above suggested, maybe give Binance a shot because they've got a solid reputation, and they're regulated to operate as well.

Topic: Is the Gemini exchange in trouble? (Read 304 times)