On Wednesday, the U.S. Commodity Futures Trading Commission (CFTC) issued a proposed order against Gemini Trust Company, a cryptocurrency exchange owned by Cameron and Tyler Winklevoss. The order relates to the alleged inaccurate reporting of trading data to a third party.

The CFTC claims that Gemini failed to report accurate data to the CME Group during a two-year period from 2015 to 2017. This inaccurate data was used by the CME Group to publish the Cboe Bitcoin futures index.

If the proposed order is finalized, Gemini could face civil monetary penalties. The exchange has agreed to settle the matter and is cooperating with the CFTC to resolve the issue.

This is not the first time Gemini has faced regulatory scrutiny. In 2019, the exchange was forced to pay a fine of $100,000 to the New York State Department of Financial Services for alleged violations of reporting requirements.

Gemini has stated that it is committed to complying with all regulatory requirements and will continue to work with regulators to ensure that its operations meet industry standards.

The post Gemini to Pay $5 Million Penalty as Part of Proposed CFTC Order appeared first on Crypto Breaking News.

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Filed under: News - @ January 6, 2025 7:22 pm