{"id":75483,"date":"2023-03-13T19:55:12","date_gmt":"2023-03-13T17:55:12","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=75483"},"modified":"2025-09-10T11:54:49","modified_gmt":"2025-09-10T08:54:49","slug":"gemini-says-it-has-no-business-relationship-with-signature-bank","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/gemini-says-it-has-no-business-relationship-with-signature-bank\/","title":{"rendered":"Gemini says it has no business relationship with Signature Bank"},"content":{"rendered":"<p>The cryptocurrency exchange Gemini said it did not hold customer funds or Gemini Dollar (GUSD) reserves at Signature Bank, which was closed by U.S. authorities.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ It\u2019s very sad to hear the news about Signature Bank. They have been incredible partners to Gemini and our industry for the better part of a decade.<\/p>\n<p>We have zero customer funds and zero Gemini dollar (GUSD) funds held at Signature Bank.<\/p>\n<p>\u2014 Gemini (@Gemini) <a href=\"https:\/\/twitter.com\/Gemini\/status\/1635272598228721676?ref_src=twsrc%5Etfw\">March 13, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIt\u2019s very sad to hear the news about Signature Bank. They have been incredible partners to Gemini and our industry for the better part of a decade,\u201d the statement said.<\/p>\n<\/blockquote>\n<p>Representatives said all client funds are held at JPMorgan, Goldman Sachs and State Street Bank. GUSD reserves are held at Goldman Sachs, State Street Bank and Fidelity.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">3\/ All GUSD reserves are held at State Street Bank, Goldman Sachs, and Fidelity.<\/p>\n<p>\u2014 Gemini (@Gemini) <a href=\"https:\/\/twitter.com\/Gemini\/status\/1635272602980859906?ref_src=twsrc%5Etfw\">March 13, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cAll client funds and GUSD reserves are stored 1:1 on Gemini and available for withdrawal at any time,\u201d the company said.<\/p>\n<\/blockquote>\n<p>Meanwhile, mining firm Marathon Digital said it had access to deposits totaling $142 million held at Signature Bank.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Marathon Digital Holdings&#8217; deposits that were held at Signature Bank, New York, NY are secure and available for use as of Monday, March 13, 2023. Read the full update here: <a href=\"https:\/\/t.co\/H5R6wpmB7Q\">https:\/\/t.co\/H5R6wpmB7Q<\/a><\/p>\n<p>\u2014 Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) <a href=\"https:\/\/twitter.com\/MarathonDH\/status\/1635281385907970051?ref_src=twsrc%5Etfw\">March 13, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe company has access to its funds for treasury management and pays all bills in the ordinary course. In addition, Marathon still holds more than 11,000 BTC, which, the firm says, provides financial capabilities beyond the traditional banking system,\u201d the statement said.<\/p>\n<\/blockquote>\n<p>Earlier, Gemini <a href=\"https:\/\/forklog.com\/en\/news\/crypto-firms-distance-themselves-from-silvergate-amid-bankruptcy-rumors\">stated<\/a> that at the end of January it held part of the $267 million in GUSD reserves on accounts at another troubled bank \u2014 Silvergate Bank. The exchange\u2019s representatives said that both customer funds and collateral for the stablecoins had been withdrawn.<\/p>\n<p>On March 9, Silvergate Capital Corporation, the parent company of Silvergate Bank, <a href=\"https:\/\/forklog.com\/en\/news\/silvergate-to-liquidate-silvergate-bank\">announced<\/a> the intention to wind down operations and liquidate the bank.<\/p>\n<p>As a reminder, on March 13 the U.S. Treasury, <span data-descr=\"Federal Reserve System (United States)\" class=\"old_tooltip\">Fed<\/span> and <span data-descr=\"Federal Deposit Insurance Corporation (USA)\" class=\"old_tooltip\">FDIC<\/span> <a href=\"https:\/\/forklog.com\/en\/news\/us-rescue-saves-svb-and-signature-bank-depositors-stablecoins-narrow-the-depegging\">announced the bailout<\/a> Silicon Valley Bank and Signature Bank.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency exchange Gemini said it did not hold customer funds or Gemini Dollar (GUSD) reserves at Signature Bank, which was closed by U.S. authorities.<\/p>\n","protected":false},"author":1,"featured_media":75484,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[719,1185,1986],"class_list":["post-75483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-gemini","tag-marathon-digital-holdings","tag-signature-bank"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=75483"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75483\/revisions"}],"predecessor-version":[{"id":75485,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75483\/revisions\/75485"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/75484"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=75483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=75483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=75483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}