US regulator CFTC sues Gemini for manipulating Bitcoin futures
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Answer US regulator CFTC sues Gemini for manipulating Bitcoin futures
The US Commodity Futures Trading Commission (CFTC) has filed a lawsuit against crypto company Gemini.
The CFTC alleged that the company provided misleading statements to the agency.
The disinformation reported by the CFTC includes information about the company’s bitcoin futures contract in 2017.
Crypto company Gemini providing misleading data?
The regulator claims that from July 2017 to December 2017, Gemini made false statements to the CFTC during the ongoing evaluation of Bitcoin futures.
Miko Ohtama, co-founder of Trading Protocol, has shared some documents depicting the lies Gemini told the CFTC.
He stated that the accounts were pre-funded, and some users even traded in debt.
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1 / Lying @Twins Bitcoin futures contracts were reported by the CFTC in 2017.
The accounts were prepared in advance and some participants traded on credit. pic.twitter.com/aSUWHjXuCa
– Miku Ohtama 🐮 (@moo9000) June 3, 2022
Gemini said in oral and written communications to the committee that it was a full back-up exchange.
It added that it required all transactions to be fully funded in advance, and that this aspect was presented in a way that was less prone to manipulation.
This increases the cost of capital for traders.
Gemini goes against CFTC Regulatory Commission guidelines:
The Commodity Futures Trading Commission (CFTC) is seeking compensation from the cryptocurrency company Gemini that was founded and overseen by twins Cameron and Tyler Winklevoss as a penalty for generating profits by unfair means.
The complaint alleges Gemini contempt of civil financial penalties and official orders relating to registration and trading.
Cameron and Tyler Winklevoss tweeted that they did not care about the claim, stating that all of the above in this article was pure fabrication.
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