#Gemini to Settle for $5 Million#

Gemini has agreed to pay $5 million to settle charges from the U.S. Commodity Futures Trading Commission (CFTC) that it misled regulators in 2017 about the ease of manipulating the price of bitcoin futures contracts. Gemini settled without admitting or denying wrongdoing, and a trial that was scheduled for January 21 has been canceled. The CFTC alleged that Gemini made misleading statements about the possibility of price manipulation during a face-to-face meeting with regulators. The settlement agreement also includes an injunction barring Gemini from making false or misleading statements to the CFTC in the future. This is not the only regulatory challenge facing Gemini, which is also facing a lawsuit from the U.S. Securities and Exchange Commission (SEC) alleging violations of securities laws. In the absence of clear legislation for the cryptocurrency industry, U.S. regulators have been aggressively pursuing cryptocurrency exchanges, including Coinbase and Binance. Gemini's settlement suggests that U.S. regulators are stepping up their oversight of the cryptocurrency industry and taking a tough stance on misleading conduct.