CFTC sues Gemini over 'false statements' relating bitcoin futures plan
The statements were false or misleading with respect to, among other things, "facts relevant to understanding whether the proposed Bitcoin Futures Contract would be readily susceptible to manipulation".Gemini staff "knew or reasonably should have known" that the statements were false or misleading, says the CFTC.The regulator is seeking disgorgement of ill-gotten gains, civil monetary penalties, and injunctions relating to registration and trading.In a statement, Gemini says: "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."The case comes as Gemini reveals that it is set to slash its headcount by about 10% as the industry faces up to the prospect of a "crypto winter".
. Read more on finextra.com
