#Gemini to Settle for $5 Million#

Gemini has agreed to pay $5 million to settle charges brought by the U.S. Commodity Futures Trading Commission (CFTC) that the cryptocurrency exchange misled regulators in 2017 about the ease of manipulating the price of Bitcoin futures contracts. The settlement, reached ahead of a trial that was scheduled to begin on January 21, sees Gemini neither admitting nor denying wrongdoing. The settlement also includes an injunction barring Gemini from making false or misleading statements to the CFTC in the future. The development highlights the ongoing scrutiny of the cryptocurrency industry by U.S. regulators and shows that they will take action against misleading statements. Gemini is also currently facing a separate lawsuit from the U.S. Securities and Exchange Commission (SEC) alleging violations of securities laws. These cases demonstrate that U.S. regulators are actively seeking to regulate cryptocurrency exchanges in the absence of clear legislation governing the industry.