Gemini, the cryptocurrency exchange co-founded by the Winklevoss twins, has agreed to pay a $5 million civil penalty to settle a lawsuit filed by the Commodity Futures Trading Commission (CFTC). The lawsuit, initiated in 2022, accused Gemini of making material false or misleading statements in its attempts to gain approval for a Bitcoin futures product. This settlement helps Gemini avoid a trial that was scheduled to start on January 21, 2025. By agreeing to this settlement, Gemini aims to put the legal issues behind it and move forward in its operations within the cryptocurrency space. The decision marks a significant turn in the ongoing scrutiny faced by cryptocurrency exchanges regarding their regulatory compliance and practices. This breaking news story will continue to be updated as new information becomes available.

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