#Gemini to Settle for $5 Million#

Gemini cryptocurrency exchange has agreed to pay $5 million to settle charges with the U.S. Commodity Futures Trading Commission (CFTC) to resolve allegations brought by the CFTC in 2022 that Gemini misled regulators in 2017 about the ease of manipulating the price of Bitcoin futures contracts. Gemini settled without admitting or denying liability, and the trial, which was scheduled to begin on January 21, will no longer proceed. The settlement agreement also includes an injunction prohibiting Gemini from making any false or misleading statements to the CFTC in the future. This case is part of a broader regulatory crackdown on the cryptocurrency industry by U.S. regulators, following a lawsuit filed by the Securities and Exchange Commission (SEC) against Gemini alleging violations of securities laws. In the absence of specific legislation governing the cryptocurrency industry, U.S. regulators have brought charges against multiple cryptocurrency exchanges, including Coinbase and Binance, for violating securities laws. Gemini's settlement demonstrates that U.S. regulators are taking the cryptocurrency industry seriously and are taking steps to ensure compliance with laws and regulations.