The New York State Department of Financial Services is conducting an investigation into Gemini

ChainCatcher news, according to Axios, the New York State Department of Financial Services (NYDFS) is investigating the cryptocurrency exchange platform Gemini. FDIC officials stated that federal law prohibits anyone from implying that uninsured products are FDIC insured, or from intentionally misrepresenting the scope and manner of deposit insurance. While the FDIC language used by Gemini is misleading, it is currently unclear whether it has actually violated the law. (Source link)