#Gemini to Settle for $5 Million#

Gemini cryptocurrency exchange has agreed to pay $5 million to settle charges with the U.S. Commodity Futures Trading Commission (CFTC) to resolve allegations brought by the CFTC in 2022 that Gemini misled regulators in 2017 about the ease of manipulating the price of Bitcoin futures contracts. In the settlement agreement, Gemini neither admits nor denies the charges. The case was scheduled to go to trial on January 21, but will now not proceed. The settlement agreement also includes an injunction barring Gemini from making any false or misleading statements to the CFTC in the future. The case is the latest example of U.S. regulators taking a tougher stance on the cryptocurrency industry as they grapple with regulating the sector in the absence of legislation specifically tailored to cryptocurrencies. Gemini also faces a separate charge from the U.S. Securities and Exchange Commission (SEC), which alleges that Gemini violated securities laws.