#Gemini settles $5 million lawsuit#

Gemini has agreed to pay $5 million to settle a lawsuit brought by the Commodity Futures Trading Commission (CFTC) that accused the cryptocurrency exchange of making false and misleading statements to the derivatives regulator when it launched the first U.S.-regulated bitcoin futures contract. Gemini neither admitted nor denied liability in the settlement agreement. The deal avoids a trial that was scheduled to begin on Jan. 21. The CFTC sued Gemini in 2022, alleging that it made false statements about its efforts to prevent manipulation of bitcoin prices. While Gemini has settled with the CFTC, it still faces a lawsuit from the Securities and Exchange Commission (SEC) that alleges it illegally raised billions of dollars in crypto assets from investors through its Gemini Earn program. In February, Gemini agreed to return at least $1.1 billion to customers as part of a separate settlement with New York regulators.