Gemini Trust Company agreed to pay a civil penalty of $5 million to settle U.S. Commodity Futures Trading Commission charges in connection with statements it made in connection with its bitcoin futures contract in 2017,

The US Commodity Futures Trading Commission (CFTC) has reached an agreement with Gemini Trust Company that could allow the firm to avoid a civil trial if approved by a judge. According to a Jan. 6 filing in the US District Court for the Southern District of New York,

The Winklevoss twins’ Gemini Trust Co. agreed to pay $5 million to end a Commodity Futures Trading Commission claim that it misled the derivatives regulator in a bid to launch the first US-regulated Bitcoin futures contract.

The Gemini Trust Co. LLC, the New York-based cryptocurrency exchange founded by the Winklevoss twins in 2014, has agreed to pay a $5 million civil penalty to settle a lawsuit filed by the U.S. Commodity Futures Trading Commission over allegedly misleading statements it made about how easily the price of bitcoin futures could be manipulated.

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Gemini Trust has agreed to pay $5 million to resolve allegations of providing false information to the Commodity Futures Trading Commission. The misleading claims were made during the process in which the agency was evaluating a proposed Bitcoin futures contract,

For the CFTC to fold on a case like this for only a $5 million settlement is indicative of a much more dovish stance,” said Joe Doll, general counsel for Magic Eden, who is not involved in the matter.

Gemini has agreed to pay a $5 million penalty to the CFTC to settle allegations of misleading statements regarding Bitcoin futures.

The proposed consent order requires Gemini to pay a $5 million civil penalty and prohibits the firm from making misleading statements

Crypto exchange Gemini agreed to pay $5 million to settle a case with the U.S. Commodity Futures Trading Commission over allegedly misleading statements it made more than seven years ago about how easily the price of a bitcoin futures contract could be manipulated.