#Gemini to Settle for $5 Million#

Gemini has agreed to pay $5 million to settle charges brought by the U.S. Commodity Futures Trading Commission (CFTC) that the cryptocurrency exchange misled regulators in 2017 about the ease of manipulating the price of Bitcoin futures contracts. The settlement, reached in December 2023, does not admit or deny the CFTC's allegations. As part of the agreement, Gemini has agreed to a permanent injunction barring it from making false or misleading statements to the CFTC in the future. The case was originally scheduled to go to trial on January 21, but will now not proceed. Notably, Gemini is also facing a separate lawsuit from the U.S. Securities and Exchange Commission (SEC) alleging violations of securities laws. This event highlights the continued scrutiny of the cryptocurrency industry by U.S. regulators and demonstrates their willingness to take action to ensure compliance with existing laws and regulations. While Gemini has paid a settlement, its agreement with the CFTC does not resolve its lawsuit with the SEC, meaning Gemini will continue to face regulatory challenges.