Gemini settles with CFTC for $5 million in fines, civil lawsuit expected to end

The Commodity Futures Trading Commission (CFTC) and Gemini Trust Company
The Company reached an agreement to settle the matter for a civil penalty of $5 million.
In documents filed in the U.S. District Court for the Southern District of New York on the 6th (local time), the CFTC announced a proposed agreement with Gemini to settle all outstanding claims.
If approved, Gemini would be required to pay a civil penalty of $5 million and would be enjoined from making false or misleading statements to the CFTC.
If the proposed consent order is approved by the judge, Gemini Trust could avoid a January 21 civil trial with the CFTC.
The civil complaint filed by the CFTC in June 2022 alleges that Gemini made false and misleading statements regarding its 2017 Bitcoin futures contract offering.
As part of the proposed order, Gemini acknowledged these actions and stated, "Gemini Trust has no reason to believe that these statements are false or misleading."
Gemini Trust admitted that it "reasonably should have known" that certain market participants (including market makers) had engaged in customized transactions during the relevant period, beginning in 2016.
and failed to disclose that they entered into commission agreements that were not disclosed on the Gemini Trust website and were designed to facilitate transactions on terms more favorable than those described on the website.
"In December 2024, a federal judge postponed the start of the civil trial between Gemini and the CFTC to Jan. 21, 2025, saying "no further delays will be permitted."
Sticky.