The Commodity Futures Trading Commission says Gemini co-founders Tyler and Cameron Winklevoss misled regulators in their bid to launch the first regulated Bitcoin (BTC) futures contract in the United States. The company has agreed to pay a $5 million fine to resolve the (CFTC) allegations.
as Bloomberg News reportedthe settlement avoids a trial that was scheduled to begin on January 21, the day after President-elect Donald Trump’s second presidential inauguration.
The CFTC’s 2022 lawsuit accused Gemini of making “false and misleading statements” regarding the Bitcoin market’s safeguards against price manipulation.
These guarantees were central to the CFTC’s evaluation of Gemini’s proposed Bitcoin futures contract, which was to be tied to a reference rate derived from exchange price data.
Under the terms of the settlement, Gemini did not admit or deny any wrongdoing.
The CFTC’s lawsuit also cited laptops subpoenaed by two former Gemini executives in connection with related criminal investigations, which ultimately did not result in charges.
Gemini offered these devices at a time when it was under intense scrutiny in late 2017 and early 2018 as it sought to establish itself as a regulatory pioneer in the crypto industry.
Regulatory transition
In developing separate regulations, exchanges recently announced the plan It will be withdrawn from the Canadian market on September 30, 2024.
The exchange did not provide details on the motivation behind the decision, but the move comes as other large crypto companies such as Bybit, Binance, and Paxos exit the country citing regulatory challenges. Ta.
Meanwhile, the company led by the Winklevoss twins, secured a license We provide cross-border remittance and digital payment token services in Singapore.
In contrast to Canada’s crypto exodus, Singapore has hosted a variety of global crypto companies such as OKX, Upbit, Ripple, and Coinbase.
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gino matos
Gino Matos is a law school graduate and veteran journalist with six years of experience in the cryptocurrency industry. His expertise is primarily focused on the Brazilian blockchain ecosystem and decentralized finance (DeFi) development.
