Gemini settles CFTC Bitcoin futures case for $5 million
Tyler and Cameron Winklevoss, co-founders of Gemini, agreed to pay a $5 million fine to resolve CFTC allegations of misleading regulators during their attempt to launch the first US-regulated Bitcoin futures contract. The settlement avoids a trial set for January 21. The CFTC's 2022 lawsuit claimed Gemini made false statements about safeguards against Bitcoin price manipulation, which were crucial for evaluating their proposed futures contracts. Gemini did not admit or deny wrongdoing in the settlement. The lawsuit also involved subpoenaed laptops from former executives, linked to a criminal investigation that did not result in charges. Separately, Gemini plans to exit the Canadian market by September 30, 2024, amid regulatory challenges faced by other crypto firms. In contrast, Gemini secured a license in Singapore for cross-border money transfer and digital payment services, as Singapore welcomes various global crypto firms.
