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Giant cryptocurrency exchange Gemini has attracted a lawsuit from the Commodity Futures Trading Commission (CFTC) for allegedly providing false data when applying for approval for a Bitcoin futures product with the agency in 2017.
The CFTC filed a complaint with a New York court, noting that Gemini Trust Company, LLC (Gemini) provided “false or misleading statements of material facts or omitting to state material facts.”
The exchange’s Bitcoin future, launched in December 2017, provides a price-settlement technique that was determined by an auction held on the eve of expiration. The CFTC claimed the exchange, directly and through its designated contract market (DCM), reported false or incomplete Bitcoin pricing data between July 2017 and December 2017.
The regulatory agency also claimed that some personnel at Gemini were likely aware of the false or incomplete information the exchange was reporting.
Commenting on the development, Acting Director of the Enforcement at CFTC Gretchen Lowe noted:
“Making false or misleading statements to the CFTC in connection with a futures product certification undermines the CFTC’s work to ensure the financial integrity of all transactions subject to the CEA, protect market participants, deter and prevent price manipulation, and promote responsible innovation and fair competition.”
Gemini Ready to Battle CFTC in Court
The legal action against Gemini is one of the most significant regulatory actions in the crypto space, considering the prominence of the exchange.
According to a recently published statement, Gemini has denied the CFTC’s allegations and asserted readiness to battle the case in court. A Gemini spokesperson noted: “Gemini has been a pioneer and proponent of thoughtful regulation since day one,” adding: “We have an eight-year track record of asking for permission, not forgiveness, and always doing the right thing. We look forward to definitively proving this in court.”
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