New York State Department of Financial Services is investigating Gemini

The New York State Department of Financial Services (NYDFS) is investigating cryptocurrency exchange Gemini, Axios reported. A Gemini spokesperson said they were unable to comment on ongoing investigations. Last year, Gemini claimed that the assets of customers using its Earn product are safe thanks to the backing of the Federal Deposit Insurance Corporation (FDIC). But federal law prohibits anyone from “suggesting that uninsured products are FDIC-insured, or knowingly misrepresenting the scope and manner of deposit insurance.”