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Home»Regulation»Gemini Settles CFTC Bitcoin Futures Case for $5 Million
Gemini Settles CFTC Bitcoin Futures Case for $5 Million
Regulation

Gemini Settles CFTC Bitcoin Futures Case for $5 Million

2025-01-06No Comments2 Mins Read
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Gemini co-founders Tyler and Cameron Winklevoss agreed to pay a $5 million fine to resolve the Commodity Futures Trading Commission’s (CFTC) allegations that it misled regulators in its attempt to launch the first U.S. regulated Bitcoin (BTC) futures contract.

If Bloomberg News reports thisThe settlement prevents a trial that would have started on January 21, the day after the second presidential inauguration of newly-elected President Donald Trump.

The CFTC’s 2022 lawsuit accused Gemini of making “false and misleading statements” regarding safeguards against price manipulation in the Bitcoin markets.

These guarantees were central to the CFTC’s review of Gemini’s proposed Bitcoin futures contracts, which would have pegged a reference price derived from the exchange’s price data.

Under the terms of the settlement, Gemini neither admitted nor denied any wrongdoing.

The CFTC’s lawsuit also referenced subpoenaed laptops belonging to two former Gemini executives in connection with a related criminal investigation, which ultimately resulted in no charges.

Gemini supplied these devices amid heightened scrutiny in late 2017 and early 2018, as the exchange sought to position itself as a regulatory pioneer in the crypto industry.

Change in regulations

In a separate regulatory development, the exchange took place recently announced his plans to exit the Canadian market on September 30, 2024.

While the exchange did not provide details on what drove the decision, the move came as other major crypto firms such as Bybit, Binance and Paxos exited the country, citing regulatory challenges.

Meanwhile, the company is run by the Winklevoss twins secured a license in Singapore to provide cross-border money transfer and digital payment token services.

See also  Crypto Billionaire Joseph Lubin Says SEC's Anti-Crypto Agenda Is Having a 'chilling Effect' on Ethereum Users – Here's Why

Unlike Canada’s crypto exodus, Singapore is embracing several global crypto companies, such as OKX, Upbit, Ripple and Coinbase.

Mentioned in this article
Author

Gino Matos

Reporter at CryptoSlate

Gino Matos is a law graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise focuses primarily on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).

Editor

Assad Jafri

Editor and reporter at CryptoSlate

A passionate journalist since the 2011 Arab Spring in Yemen, AJ has honed his skills globally for more than a decade. Specialized in financial journalism, he now focuses on crypto reporting.

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Bitcoin case CFTC Futures Gemini Million Settles
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