Gemini, the cryptocurrency exchange founded by the Winklevoss twins, will pay $5 million in fines to settle with the Commodity Futures Trading Commission.

The company approved the “proposed consent order” signed by the CFTC on Monday, according to Bloomberg. As part of the settlement, Gemini will pay a $5 million fine for allegedly providing misleading information to the regulator during its efforts to launch the first regulated bitcoin (Bitcoin) Futures contracts in the United States.

Gemini agreed to the settlement without admitting or denying the allegations made by the CFTC, a case that was scheduled to go to trial on January 21, 2025.

The CFTC sued Gemini in June 2022, its main complaint being that the exchange led by the Winklevoss twins had misled the regulator.

In particular, the agency noted “false or misleading statements of material fact” made on the exchange between July 2017 and December 2017. As crypto.news highlighted at the time, the regulator’s allegations relate to Gemini’s self-certification of its proposed bitcoin futures product. .

The CFTC complaint noted that Gemini employees either “knew or reasonably should have known that such statements were false or misleading.” However, the exchange refuted the regulator's claims, stating that there was no manipulation of the Bitcoin price or harm to investors.

But in its initial complaint, the CFTC asked the court to issue an order reversing the ill-gotten gains, enforce civil monetary penalties, and issue an injunction against any further violations of the Commodity Exchange Act.

Gemini had it too Legal conflict With the US Securities and Exchange Commission regarding it Product gain.

The settlement with the CFTC is one of many companies in the cryptocurrency sector have agreed to with US regulators. Some major titles are included Binance and Terraform Labs.