Crypto exchange Gemini warned customers today that there may be delays for withdrawals on its Earn product.
The delays are due to Genesis Global Capital’s announcement today that it would be pausing withdrawals on its lending platform. Genesis services the crypto exchange’s Earn product, which lets users earn interest for depositing idle crypto.
“We are aware that Genesis Global Capital, LLC (Genesis) — the lending partner of the Earn program — has paused withdrawals and will not be able to meet customer redemptions within the service-level agreement (SLA) of 5 business days,” Gemini’s post read.
The announcement added that the crypto exchange was working to redeem user funds from its Earn program “as quickly as possible.” Gemini said that the move “does not impact any other Gemini products and services.