Gemini Trust Company, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has agreed to pay a $5 million civil penalty. This will resolve the Commodity Futures Trading Commission (CFTC) allegations.
Previously, the CFTC accused the company of providing false or misleading information in its attempt to launch a Bitcoin futures product. Court documents filed on January 6, 2025 that Gemini neither admitted nor denied the claims in the settlement.
The case stems from a 2022 lawsuit in which the CFTC alleged that Gemini misrepresented critical details about the susceptibility of its proposed Bitcoin futures contract to market manipulation.
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Gemini avoids lawsuit with new settlement
The settlement allows Gemini to avoid a trial originally scheduled for January 21.
Gemini is a key player in the cryptocurrency sector, offering services such as exchange and custody solutions. THE first Bitcoin futures contract on the Cboe Futures Exchange in 2017 used price data from the Gemini platform, highlighting its influence on the crypto derivatives market.
The settlement also comes amid a tense regulatory environment under President Joe Biden’s administration, which has filed numerous lawsuits against cryptocurrency companies.
GEMINI TO PAY $5M FOR CFTC FEES
Gemini Trust Company, owned by Cameron and Tyler Winklevoss, has agreed to pay $5 million to settle charges from the U.S. Commodity Futures Trading Commission (CFTC).
The CFTC accused Gemini of making false or incomplete statements in 2017… pic.twitter.com/zhomdjbjf0
– Mario Nawfal (@MarioNawfal) January 6, 2025
GEMINI TO PAY $5M FOR CFTC FEESThe Winklevoss twins, who have been vocal critics of current regulatory policies, have reportedly donated millions of dollars to Donald Trump’s presidential campaign, saying his leadership would end what they describe as a “war on crypto.”
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Gemini gets approval from Singapore regulator
In October, Gemini received in-principle approval from the Monetary Authority of Singapore (MAS), the country’s financial regulator.
The preliminary agreement allows Gemini to offer cross-border money transfer and digital payment token services. This is a crucial step in its strategy to strengthen Geminis’ presence in Asia.
“While the United States remains our largest market and global headquarters, Asia and Singapore especially play a crucial role in our global strategy,” said Saad Ahmed, who oversees Gemini’s operations in the Asia-Pacific region.
With a presence in approximately 70 countries, Singapore stands out as Gemini’s second largest market in terms of customer base. He drags only the United States. The expansion efforts come as regulatory pressures have intensified in the domestic market.
Ahmed said Singapore is important to Gemini’s regional ambitions, noting that the city-state will serve as the company’s Asia-Pacific hub. “We are building the capabilities here to carry out operations across the region,” he added.
Currently, the exchange has a team of more than 40 employees in Singapore. It also plans to double this workforce in the near future. as part of ongoing investments.
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