Gemini Settles CFTC Lawsuit Over Bitcoin Futures for $5 Million

The crypto exchange agreed to a settlement without admitting wrongdoing, avoiding a trial originally scheduled for later this month.

The Commodity Futures Trading Commission (CFTC) sued Gemini in 2022, alleging the company made misleading statements in 2017 about its proposed Bitcoin futures product.
Gemini will pay a $5 million civil penalty and agreed to a permanent injunction to prevent future false or misleading statements to the CFTC.
The lawsuit focused on claims that Gemini misrepresented how easily the Bitcoin futures contract could be manipulated during meetings with regulators.
The settlement allows Gemini to avoid a trial that was scheduled to begin on January 21, 2025, in federal court in New York.
Gemini faces additional legal challenges, including a separate lawsuit from the SEC over alleged securities law violations.