Gemini Trust Company, LLC is a cryptocurrency exchange and custodian that allows customers to buy, sell, and store digital assets. They’re headquartered in New York, NY.
Some individuals with Gemini accounts are being told their accounts are pending verification. This process seems to take several weeks, if not months, and during that time, individuals are not allowed to withdraw funds. Customers complain that their money is being held hostage. In addition, some account holders’ accounts become frozen due to pending verification. The Gemini support page says their team is working through all application requests during this higher volume period but doesn’t give an actual range of when individuals can expect to get their account verified.
Since customers have to wait so long to get their account verified and can’t withdraw their funds and their accounts can become frozen, people think Gemini is a scam.
There was a similar class action lawsuit against Coinbase. The lawsuit states that the company allegedly froze account holders out of their Coinbase wallets or allowed them to become hacked.