Is Gemini safe?
- Fee on a $1,000 buy
- $12by bank transfer
- Bank withdrawal time
- Same or next day
- Coins
- 99
Gemini's US customers use Gemini Moonbase, LLC in most states, plus Washington DC and Puerto Rico. Residents of Idaho, Louisiana, New York, Ohio and Texas deal with Gemini Trust Company, LLC, which has a New York licence. Any crypto you hold on Gemini has no FDIC insurance. There are 3 dated incidents on record for Gemini, and each one is listed with sources.
Gemini's licences and registrations
Gemini's US business runs through two entities: Gemini Moonbase, LLC covers most states plus Washington DC and Puerto Rico, and Gemini Trust Company, LLC serves residents of Idaho, Louisiana, New York, Ohio and Texas.
NYDFS grants Gemini a licence or charter in New York.
State licences: Gemini lists them on its licences page.
Has Gemini ever been hacked? Incidents and enforcement
Every Gemini incident links back to the regulator or company statement behind it.
| Date | What happened | Source |
|---|---|---|
| May 27, 2026 | A joint motion by CFTC and Gemini sought to set aside the consent order's prospective terms, while the $5 million penalty was not returned. | cftc.gov |
| January 13, 2025 | Under a CFTC consent order, Gemini Trust was ordered to pay a civil penalty of $5 million over false or misleading statements it made to the CFTC in 2017. | cftc.gov |
| February 28, 2024 | In an NYDFS settlement, Gemini Trust Company promised at least $1.1 billion back to Earn customers through the Genesis bankruptcy, a $40 million contribution and a $37 million fine. | dfs.ny.gov |
The way your money is held
Proof of reserves: Gemini's pages carry no independent proof-of-reserves attestation. Gemini says it runs as a full-reserve exchange and holds customer funds 1:1. It lists audited financial statements (the latest is December 2025) and SOC 1/SOC 2 Type 2 exams (the most recent cover 10.1.2024-9.30.2025). For Gemini, a proof of reserves serves as an attestation rather than a complete audit.
Custody: Gemini keeps $125M in digital asset insurance. It includes $25M of commercial crime insurance covering hot-wallet assets, plus $100M in coverage for offline (cold storage) assets (as of March 1, 2024).
Account security: signing in and withdrawing both need 2FA by default at Gemini. Hardware security keys (e.g. YubiKey) work as well, and crypto address allowlisting is supported.
Gemini text scams, plus other scams that target users
Your Gemini password and 2FA code belong to you alone, so hand them to no one. Don't move funds to a "safe wallet" just because a text or call tells you to. Contact Gemini only through the app or the website.
Is Gemini FDIC insured or not?
Gemini's insurance statement says USD cash may qualify for FDIC pass-through insurance of up to $250,000 for each eligible customer through Cross River Bank and Customers Bank. FDIC doesn't cover USD held as money-market funds, Treasuries or stablecoins.
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Questions that people ask
Is Gemini legit or not?
Yes, Gemini is a real business. For US customers, Gemini Moonbase, LLC handles most states, Puerto Rico and Washington DC; people in Idaho, Louisiana, New York, Ohio or Texas deal with Gemini Trust Company, LLC. This page lists its 3 dated incidents along with sources.
Is crypto held on Gemini FDIC insured?
The crypto isn't. Insurance, per Gemini: USD cash may qualify for FDIC pass-through insurance at Cross River Bank and at Customers Bank, up to $250,000 for each eligible customer. USD in money-market funds, Treasuries and stablecoins is not FDIC insured.
If a Gemini code I never asked for shows up, what should I do?
Take it as a warning sign. Your Gemini password and 2FA code stay private, so don't hand them to anyone. And don't move funds to a "safe wallet" on the word of a text or call. Contact Gemini only through the app or the website.