Gemini agrees to $5 million fine, injunction over CFTC charges, filing shows

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January 6, 2025 11:58 AM EST

FILE PHOTO: Signage is seen outside of the US Commodity Futures Trading Commission (CFTC) in Washington, D.C., U.S., August 30, 2020. REUTERS/Andrew Kelly/File Photo

NEW YORK (Reuters) -Gemini Trust Company agreed to pay a civil penalty of $5 million to settle U.S. Commodity Futures Trading Commission charges in connection with statements it made in connection with its bitcoin futures contract in 2017, a court filing showed on Monday.

Gemini also agreed to a permanent injunction, according to the consent order filed in federal court in New York.

The CFTC sued Gemini in 2022 for making false and misleading statements of material facts or omitting such facts to the CFTC in 2017 related to a bitcoin futures contract it sought to launch.

According to the order, Gemini did not admit or deny the CFTC's findings. A spokesperson for the company did not respond immediately to a request for comment.

(Reporting by Chris Prentice and Jonathan Stempel)


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