Gemini Trust Company, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has agreed to pay a $5 million civil penalty. This will resolve allegations from the Commodity Futures Trading Commission (CFTC).
Previously, the CFTC had accused the company of providing false or misleading information in its bid to launch a Bitcoin futures product. Court documents filed 6 January 2025 reveal that Gemini neither admitted nor denied the claims as part of the settlement.
The case stemmed from a 2022 lawsuit in which the CFTC alleged that Gemini misrepresented critical details about the susceptibility of its proposed Bitcoin futures contract to market manipulation.
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Gemini Avoids Trial With New Settlement
The settlement allows Gemini to avoid a trial initially scheduled to begin on January 21.
Gemini has been a key player in the cryptocurrency industry, offering services like exchange and custody solutions. The first Bitcoin futures contract on the Cboe Futures Exchange in 2017 utilized price data from Gemini’s platform, underscoring its influence in the crypto derivatives market.
The settlement also comes amid a tense regulatory environment under President Joe Biden’s administration, which has pursued multiple legal actions against cryptocurrency companies.
GEMINI TO PAY $5M OVER CFTC CHARGES
Gemini Trust Company, owned by Cameron and Tyler Winklevoss, has agreed to pay $5 million to settle charges from the U.S. Commodity Futures Trading Commission (CFTC).
The CFTC accused Gemini of making false or incomplete statements in 2017… pic.twitter.com/zhomdjbjf0
— Mario Nawfal (@MarioNawfal) January 6, 2025
The Winklevoss twins, who have been vocal critics of current regulatory policies, reportedly donated millions to Donald Trump’s presidential campaign, claiming his leadership would end what they describe as a “war on crypto.”
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Gemini Gains Approval From Singapore Regulator
In October, Gemini secured in-principle approval from the Monetary Authority of Singapore (MAS), the country’s financial regulator.
The preliminary nod allows Gemini to offer cross-border money transfer and digital payment token services. This marks a critical step in its strategy to strengthen Geminis’s presence in Asia.
“While the US remains our largest market and global headquarters, Asia and Singapore in particular play a crucial role in our global strategy,” Saad Ahmed, who oversees Gemini’s operations in the Asia-Pacific region, said.
With a footprint in around 70 countries, Singapore stands out as Gemini’s second-largest market by customer base. It trails only the US. The expansion efforts come as regulatory pressures have intensified in the domestic market.
Ahmed said that Singapore is important in Gemini’s regional ambitions, noting that the city-state will serve as the company’s Asia-Pacific hub. “We are building the required capabilities here to drive operations across the region,” he added.
Currently, the exchange has a team of over 40 employees in Singapore. Furthermore, it plans to double this workforce in the near future as part of ongoing investments.
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The post Gemini Settles CFTC Claim Over Bitcoin Futures Misrepresentation With $5M Payment appeared first on 99Bitcoins.
