• Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Wednesday, August 17, 2022
Online Crypto College
Advertisement
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading
No Result
View All Result
Online Crypto College
No Result
View All Result

Gemini and CFTC locked in a legal battle over misleading information

June 3, 2022
in Crypto News
Reading Time: 3 mins read
A A
ShareShareShareShareShare

Related articles

The Sandbox (SAND) Struggles To Find Balance; Market Bulls Take Chronoly.io (CRNO) To Sky

August 17, 2022

Is Bitcoin really a hedge against inflation?

August 16, 2022

  • CFTC accuses Gemini of sharing wrong information about a BTC futures product.
  • Gemini won’t mind proving its innocence on the matter in court.

A US regulator has accused Gemini exchange of wrongdoing. The Commodity Futures Trading Commission (CFTC) has taken legal action against Gemini, the popular crypto exchange owned by the Winklevoss twins. The CFTC alleged that the exchange gave wrong information to gain approval for its BTC Futures product five years ago.

The cause of the CFTC allegation

The regulator has already filed a complaint at the New York court. Part of the filing reads, “Gemini gave false or omitted statements of material facts to the CFTC.” The exchange launched the product in question (the Gemini Bitcoin Futures) in December 2017.

According to the product’s proposal, an auction on the final day before expiration would determine the product’s price settlement. However, the CFTC said that the BTC pricing data for July 2017 to December 2017, which the exchange submitted, was false.

The regulator added that the Gemini staff who submitted the information on behalf of the exchange did so deliberately. The CFTC argued that such a person must have detailed knowledge about the information he was providing. Hence, he couldn’t have claimed ignorance.

CFTC’s acting director of enforcement, Gretchen Lowe, said ;

any company that provides the CFTC with false or wrong information to gain approval for its futures product makes our job more difficult. We would struggle to ensure that all transactions comply with the CEA. Hence, the regulator won’t know how to protect market participants and prevent price manipulation. It won’t be confident to say there is fair competition and responsible innovation in the sector.

CFTC’s growing list of allegations against crypto exchanges

Before this legal action against Gemini, the CFTC previously took legal action against the co-founders of another crypto exchange, BitMex. The regulator accused BitMex founders of not having the legal license to operate on American soil.

The legal actions against Gemini and BitMex are a few of the recent regulatory actions in the crypto space. Meanwhile, Gemini has responded to the CFTC’s accusation. The exchange stated that it wouldn’t mind going to court with the regulator. According to them, the regulator’s allegations are all false.

A spokesperson for the exchange said,

Gemini is a vocal supporter of thorough regulation from the very beginning. We pride ourselves on always doing the right thing since we have been in operation over the last eight years. Hence, we won’t mind proving our case in court.

Meanwhile, Gemini is facing another battle apart from a legal battle with the CFTC. The company is struggling to maintain its current staff strength. Hence, it announced that it would lay off 10 percent of its staff today. The announcement was part of a blog post released this morning by the exchange’s co-founders.

According to the blog post, the exchange is laying off its staff because of the current bearish conditions in the crypto market. Also, it predicts that these conditions will likely remain till next year. It cited the example of a similar market condition between 2018 and 2020 as its proof.

Related: Gemini, Chainalysis, and 11 others join the Crypto Market Integrity Coalition


Credit: Source link

ShareTweetSendPinShare
Previous Post

Bitcoin $30K Resilience Amid Crypto Meltdown and Stablecoin Crash Shows its Brilliant Architecture – PayBito CEO

Next Post

Dogecoin Stumbles Below $0.10; Is DOGE Heading Towards an End?

Related Posts

The Sandbox (SAND) Struggles To Find Balance; Market Bulls Take Chronoly.io (CRNO) To Sky

August 17, 2022

The bearish outlook of the market seems to be fading slowly and gradually, and several cryptocurrencies are returning on track....

Is Bitcoin really a hedge against inflation?

August 16, 2022

Covered: BTC v. Inflation While Bitcoin (BTC) has failed in countering this year’s rampant global inflation, it should still be...

Hacks Surge While Scams Decline

August 16, 2022

According to data reported by blockchain analysis firm Chainanalysis, losses arising from cryptocurrency hacks have surged 60% from January to...

Price Primed to Hit $22,500 This Month-End

August 16, 2022

Bitcoin price has now been rejected from $24,000 for the ‘nth’ time from now and appears to slash hard below...

Pugglit Inu, BNB, and Uniswap

August 16, 2022

It is possible to witness a very positive period for many investors in the cryptocurrency markets. It can be seen...

Load More
Next Post

Dogecoin Stumbles Below $0.10; Is DOGE Heading Towards an End?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Manilla Finance – The Next Big Thing in Blockchain, Almost Ready for Launch

August 11, 2022

If Bitcoin Price Manages To Surpass This Level, BTC Could Surge By 50%

August 13, 2022

The Crypto Community Is Not Yet Behind the Recent Market Rebound, According Analytics Firm Santiment

August 11, 2022

Germany-based Nuri files for insolvency, CoinFlex kicks off restructuring process

August 10, 2022

SEC orders Bloom Protocol to register BLT token as security or face $31M fine

August 10, 2022

About Us

This is an online news portal that aims to provide the latest Crypto news, Altcoins, blockchain, regulations and much more stuff like that around the world. Feel free to get in touch with us!

What’s New Here!

  • Crypto.com gets UK regulatory approval
  • 6 Best New Cryptocurrency Australia to Buy 2022
  • First 3D Metaverse RPG Built for Mobile, D.O.119 by ProtoReality Games, Launching last Quarter of 2022

Newsletter

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 - OnlineCryptoCollege.com - All rights reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
  • Blockchain
  • Regulation
  • Trading
  • Learn Crypto
    • Free Crypto Training
    • iCoinPro Crypto Trading

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$23,884.00-1.00%
  • ethereumEthereum(ETH)$1,892.85-0.11%
  • tetherTether(USDT)$1.00-0.02%
  • usd-coinUSD Coin(USDC)$1.000.13%
  • binancecoinBNB(BNB)$316.91-0.31%
  • cardanoCardano(ADA)$0.56-1.29%
  • rippleXRP(XRP)$0.3790620.48%
  • Binance USDBinance USD(BUSD)$1.00-0.01%
  • SolanaSolana(SOL)$43.22-1.25%
  • dogecoinDogecoin(DOGE)$0.084912-3.77%
  • polkadotPolkadot(DOT)$8.890.31%
  • Shiba InuShiba Inu(SHIB)$0.000016-2.47%
  • Lido Staked EtherLido Staked Ether(STETH)$1,839.18-0.19%
  • AvalancheAvalanche(AVAX)$27.52-1.90%
  • matic-networkPolygon(MATIC)$0.94-2.46%
  • daiDai(DAI)$1.000.11%
  • tronTRON(TRX)$0.0704061.42%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$23,873.00-0.98%
  • ethereum-classicEthereum Classic(ETC)$41.18-0.93%
  • OKBOKB(OKB)$21.05-2.02%
  • leo-tokenLEO Token(LEO)$5.331.64%
  • litecoinLitecoin(LTC)$62.622.09%
  • FTXFTX(FTT)$30.82-0.50%
  • NEAR ProtocolNEAR Protocol(NEAR)$5.31-2.25%
  • chainlinkChainlink(LINK)$8.53-2.08%
  • CronosCronos(CRO)$0.1518270.12%
  • UniswapUniswap(UNI)$8.39-0.74%
  • cosmosCosmos Hub(ATOM)$11.761.13%
  • stellarStellar(XLM)$0.1244751.04%
  • moneroMonero(XMR)$163.00-6.08%
  • FlowFlow(FLOW)$2.71-1.35%
  • bitcoin-cashBitcoin Cash(BCH)$139.300.90%
  • Aerarium FiAerarium Fi(AERA)$7.15-13.10%
  • algorandAlgorand(ALGO)$0.358199-0.15%
  • vechainVeChain(VET)$0.031127-0.82%
  • filecoinFilecoin(FIL)$8.531.08%
  • Internet ComputerInternet Computer(ICP)$7.910.59%
  • ApeCoinApeCoin(APE)$6.31-0.56%
  • decentralandDecentraland(MANA)$1.04-1.76%
  • ChainChain(XCN)$0.0850730.99%
  • The SandboxThe Sandbox(SAND)$1.28-2.44%
  • tezosTezos(XTZ)$1.978.46%
  • HederaHedera(HBAR)$0.0778140.04%
  • QuantQuant(QNT)$120.395.18%
  • Axie InfinityAxie Infinity(AXS)$17.94-2.52%
  • eosEOS(EOS)$1.5823.05%
  • AaveAave(AAVE)$108.53-0.88%
  • Lido DAOLido DAO(LDO)$2.65-1.19%
  • theta-tokenTheta Network(THETA)$1.48-1.40%
  • FraxFrax(FRAX)$1.001.16%