Winklevoss Twins' Gemini Agrees to $5 Million Settlement and Permanent Injunction With CFTC Over Bitcoin Futures Misrepresentation

Jan 6, 2025, 06:44 PM

Gemini Trust Company, founded by the Winklevoss twins, Cameron and Tyler Winklevoss, has agreed to pay a $5 million civil penalty to settle charges brought by the U.S. Commodity Futures Trading Commission (CFTC). The settlement resolves allegations that Gemini made false and misleading statements in connection with its bid to launch the first U.S.-regulated Bitcoin futures contract in 2017. The agreement, disclosed in a court filing, includes a permanent injunction against Gemini, although the company did not admit or deny the CFTC's findings. The CFTC had sued Gemini in 2022 over these allegations.