Gemini, a cryptocurrency exchange, has agreed to pay a hefty $5 million to settle a case with the U.S. Commodity Futures Trading Commission (CFTC). The CFTC accused Gemini of misleading statements made over seven years ago regarding the ease of manipulating Bitcoin futures contract prices. The settlement was reached without Gemini admitting or denying liability. The case, which was set for trial on January 21, will no longer proceed. As part of the settlement, Gemini is also under an injunction to avoid making false or misleading statements to the CFTC in the future. This settlement comes amidst a broader regulatory crackdown on crypto exchanges, with Gemini also facing a separate lawsuit from the Securities and Exchange Commission (SEC) for alleged securities law violations.
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