Winklevoss twins take matters into their own hands with a $100 million personal loan to Gemini.
Gemini co-founders Tyler and Cameron Winklevoss have personally provided a $100-million loan to their US-based cryptocurrency exchange as it faces regulatory scrutiny and a turbulent crypto market.
A Bloomberg report on April 10th disclosed that the Winklevoss twins decided to issue a $100-million loan to Gemini after unsuccessful attempts to obtain funding from outside investors.
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It is worth noting that the crypto exchange Gemini has recently found itself under regulatory scrutiny.
The US Securities and Exchange Commission (SEC) accused both Gemini and Genesis Global Capital in January of offering unregistered securities via Gemini's Earn program.
On top of that, it is believed that the New York Department of Financial Services initiated an investigation into Gemini, following claims by multiple users that their Earn accounts' assets were granted FDIC protection.
In reaction to the SEC's accusations, Tyler Winklevoss referred to them as a "manufactured parking ticket" and claimed that Gemini's team had engaged in discussions with the regulator for more than a year before the enforcement action took place.
This complaint mirrors that of Coinbase, where the chief legal officer disclosed that the crypto exchange had met with SEC representatives "more than 30 times over nine months." However, this did not help Coinbase to avoid receiving Wells Notice from the US regulator.
What is interesting is that neither Tyler Winklevoss nor Cameron Winklevoss commented on the recent loan. Brothers are typically known for using Twitter to comment on various Gemini or crypto-related news. However, both men last tweeted on April 6th.
At the end of February, Cameron Winklevoss posted a Twitter thread claiming that the next crypto bull run will likely start in the East.
