Gemini Exchange Suffers Temporary Outage, Citing ‘Site Maintenance’

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Gem­i­ni users tem­porar­i­ly lost access to the exchange Wednes­day fol­low­ing an announce­ment the com­pa­ny was paus­ing its Earn prod­uct, but the out­age was appar­ent­ly due to an unre­lat­ed serv­er issue. 

Gem­i­ni Earn paused with­drawals Wednes­day after prime bro­ker Gen­e­sis, halt­ed cus­tomer redemp­tions and new loan orig­i­na­tions with­in its lend­ing division. 

Gem­i­ni released a state­ment when it paused Gem­i­ni Earn, not­ing that “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 exchange temporarily grounded-1-2
Source: Gem­i­ni

At the time, Gem­i­ni not­ed that oth­er prod­ucts and ser­vices are unaf­fect­ed, stat­ing that “Gem­i­ni is a full-reserve exchange and cus­to­di­an. All cus­tomer funds held on the Gem­i­ni exchange are held 1:1 and avail­able for with­draw­al at any time.”

On Wednes­day, around 11:30 am ET, users look­ing to access Gemini’s exchange or sign up for an account were redi­rect­ed to an error mes­sage, stat­ing that the plat­form is “under­go­ing maintenance.”

Users said they were logged out of their accounts, peo­ple famil­iar with the mat­ter told Block­works. The exchange’s offi­cial sta­tus page showed wide­spread out­ages as of 11:55 am ET, but ser­vices began to come back on line at around 12:40 pm ET.

Source: Gem­i­ni

The exchange’s offi­cial Twit­ter account blamed the out­age on Ama­zon Web Services:

Both web and mobile appli­ca­tions were down as of 11:55 am, but ser­vice was restored by approx­i­mate­ly 12:35 pm ET.

A rep­re­sen­ta­tive from Gem­i­ni referred Block­works to the offi­cial Twit­ter account.

This sto­ry was updat­ed on Nov. 16, 2022 at 12:40 am ET.


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