Tyler Winklevoss (Co-Founder of Gemini) and Cameron Winklevoss (Co-Founder of Gemini) have paid a $5,000,000 fine in order to satisfy the Commodity Futures Trading Commission’s (CFTC’s) accusations that the company misled regulators when it attempted to launch its first US regulated Bitcoin (BTC), futures contracts.
You can also read about the advantages of using Bloomberg News reportedThe settlement prevents the start of a trial scheduled for Jan. 21 – the day after Donald Trump’s 2nd presidential inauguration.
Gemini is accused in the CFTC 2022 suit of providing “false and misleading statements”Regarding safeguards against manipulation of prices in Bitcoin markets.
The CFTC evaluated Gemini’s Bitcoin futures contract based on these assurances. They would be tied to a rate derived by the exchange from its pricing data.
Gemini’s settlement did not include any admission or denial of wrongdoing.
In the CFTC lawsuit, it was also noted that two former Gemini executives were subpoenaed to produce their laptops in relation to a criminal investigation which did not result in charges.
Gemini offered these devices in response to increased scrutiny late in 2017 and in early 2018, as it sought position itself as an industry pioneer for regulatory compliance.
The shift in Regulatory Shift
The exchange also recently made a regulatory update. The company has announced its future plans Exit the Canadian market by September 30, 2024
The decision was not made public, however, other crypto-firms such as Bybit Binance Paxos and Paxos had already left the country due to regulatory concerns.
Meanwhile, the Winklevoss brothers are leading the Winklevoss company A license was obtained Singapore will provide digital payment tokens and cross-border money transfers.
Singapore, unlike Canada’s crypto exodus, embraces global crypto companies such as OKX Upbit Ripple and Coinbase.
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