Gemini Settles CFTC Charges with $5 Million Fine and Permanent Injunction
Gemini Trust Company has agreed to pay a $5 million civil penalty to settle charges brought by the U.S. Commodity Futures Trading Commission (CFTC) related to misleading statements about a bitcoin futures contract in 2017. The settlement, which includes a permanent injunction, was confirmed in a court filing on Monday in federal court in New York.
The CFTC had sued Gemini in 2022, accusing the company of making false or misleading statements, or omitting material facts, when seeking approval for the bitcoin futures contract. Despite the settlement, Gemini did not admit or deny the CFTC’s findings.
A spokesperson for Gemini has not yet responded to requests for comment on the settlement.