{"id":6456,"date":"2025-01-07T12:47:21","date_gmt":"2025-01-07T12:47:21","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=6456"},"modified":"2025-01-07T12:47:21","modified_gmt":"2025-01-07T12:47:21","slug":"gemini-settles-cftc-claim-over-bitcoin-futures-misrepresentation-with-5m-payment","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=6456","title":{"rendered":"Gemini Settles CFTC Claim Over Bitcoin Futures Misrepresentation With $5M Payment"},"content":{"rendered":"<div>\n<p><span data-preserver-spaces=\"true\">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). <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Previously, the CFTC had accused the company of providing false or misleading information in its bid to launch a Bitcoin futures product. Court documents <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.courtlistener.com\/docket\/63355590\/209\/commodity-futures-trading-commission-v-gemini-trust-company-llc\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">filed 6 January 2025 reveal<\/span><\/a><span data-preserver-spaces=\"true\"> that Gemini neither admitted nor denied the claims as part of the settlement.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/bitcoin-friendly-countries\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">A Complete List of Bitcoin-Friendly Countries<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">Gemini Avoids Trial With New Settlement<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The settlement allows Gemini to avoid a trial initially scheduled to begin on January 21.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Gemini has been a key player in the cryptocurrency industry, offering services like exchange and custody solutions. <\/span><span data-preserver-spaces=\"true\">The<\/span><span data-preserver-spaces=\"true\"> first Bitcoin futures contract on the Cboe Futures Exchange <\/span><span data-preserver-spaces=\"true\">in 2017<\/span><span data-preserver-spaces=\"true\"> utilized price data from Gemini\u2019s platform, underscoring its influence in the crypto derivatives market.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The settlement also comes amid a tense regulatory environment under President Joe Biden\u2019s administration, which has pursued multiple legal actions against cryptocurrency companies. <\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><img decoding=\"async\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/72x72\/1f6a8.png\" alt=\"\ud83d\udea8\" class=\"wp-smiley\" style=\"height: 1em; max-height: 1em;\"> GEMINI TO PAY $5M OVER CFTC CHARGES<\/p>\n<p>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).<\/p>\n<p>The CFTC accused Gemini of making false or incomplete statements in 2017\u2026 <a href=\"https:\/\/t.co\/zhomdjbjf0\">pic.twitter.com\/zhomdjbjf0<\/a><\/p>\n<p>\u2014 Mario Nawfal (@MarioNawfal) <a href=\"https:\/\/twitter.com\/MarioNawfal\/status\/1876361848318230804?ref_src=twsrc%5Etfw\">January 6, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">The Winklevoss twins, who have been vocal critics of current regulatory policies, reportedly donated millions to Donald Trump\u2019s presidential campaign, claiming his leadership would end what they describe as a \u201cwar on crypto.\u201d<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/buy-bitcoin\/paypal\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">8 Methods to Buy Bitcoin With PayPal Instantly in 2024\u00a0<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">Gemini Gains Approval From Singapore Regulator<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In October, Gemini secured in-principle approval from the Monetary Authority of Singapore (MAS), the country\u2019s financial regulator.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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\u2019s presence in Asia.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWhile the US remains our largest market and global headquarters, Asia and Singapore\u00a0<\/span><span data-preserver-spaces=\"true\">in particular<\/span><span data-preserver-spaces=\"true\">\u00a0play a crucial role in our global strategy,\u201d Saad Ahmed, who oversees Gemini\u2019s operations in the Asia-Pacific region, said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">With a footprint in around 70 countries, Singapore <\/span><span data-preserver-spaces=\"true\">stands out as<\/span><span data-preserver-spaces=\"true\"> Gemini\u2019s second-largest market by customer base<\/span><span data-preserver-spaces=\"true\">. It trails<\/span><span data-preserver-spaces=\"true\"> only the US.<\/span><span data-preserver-spaces=\"true\"> The expansion efforts come as regulatory pressures have intensified in the domestic market.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Ahmed said that Singapore is important in Gemini\u2019s regional ambitions, noting that the city-state will serve as the company\u2019s Asia-Pacific hub. \u201cWe are building the required capabilities here to drive operations across the region,\u201d he added.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Currently, the exchange has <\/span><span data-preserver-spaces=\"true\">a team of<\/span><span data-preserver-spaces=\"true\"> over 40 employees in Singapore. Furthermore, it plans to double this workforce\u00a0in the near future\u00a0<\/span><span data-preserver-spaces=\"true\">as part of ongoing investments<\/span><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/news\/bitcoin-worldwide-adoption-status\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Bitcoin Worldwide Legal and Adoption Status<\/span><\/a><\/strong><\/p>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/gemini-settles-cftc-claim-over-bitcoin-futures-misrepresentation-with-5m-payment\/\">Gemini Settles CFTC Claim Over Bitcoin Futures Misrepresentation With $5M Payment<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-6456","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/6456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6456"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/6456\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}