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Gemini blocked large accounts when trying to convert steyblenkoin in fiat

Two OTC platforms (over-the-counter platforms) stated that when they tried to pay off Steblecoin Gemini Dollar (GUSD), the Gemini cryptocurrency exchange owned by the Winklevoss brothers had frozen their accounts without any explanation. Stablecoin GUSD was represented by the Gemini exchange in September last year.

An OTC-trader account from Latin America was blocked immediately after he announced his intention to convert several million dollars in cash into GUSD. Additionally (also on condition of anonymity) a confirmation was received from a large stock exchange that the mentioned OTC-trader is conducting professional activities and enjoys a good reputation.

Gemini said that after studying the details of the account to be closed, adding at the same time that the specific reasons for the exchange can not name.

A similar problem faced the OTC-platform from the United States, which still managed to withdraw part of the funds in the amount of several million dollars from GUSD. Representatives of the company suggested that all this is part of Gemini’s strategy to “maximize its status on CoinMarketCap”.

Representatives of another OTC platform, which has a valid Gemini account, confirmed that this problem is widely known and therefore they are not in a hurry to convert GUSD into dollars.

“Very many players cannot leave GUSD, even very large areas. Having an account does not guarantee the possibility of redemption of tokens, ”they added.

In turn, representatives of Gemini accuse sites of unwillingness to "comply with our strict program of legal compliance."

“This is a feature of [our exchange], and not a mistake that distinguishes Gemini from others. We understand that someone may not like it, but it is necessary to ensure the trust in the future of money, ”Winklevoss said.


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