Gemini Trust Company agreed to pay a $5 million civil penalty to settle charges from the CFTC regarding misleading statements related to their bitcoin futures contract in 2017.
The CFTC action against Gemini stemmed from the company's alleged false and misleading statements concerning the bitcoin futures contract they attempted to launch back in 2017.
In settling the charges, Gemini did not admit or deny the findings from the Commodity Futures Trading Commission's investigation, as detailed in the consent order.
The case highlights the ongoing scrutiny of cryptocurrency firms by regulatory bodies, emphasizing the importance of transparency and accountability in a rapidly evolving market.
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