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CFTC agency says Gemini violated Commodity Exchange Act

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CFTC agency says Gemini violated Commodity Exchange Act 4

The Commodities regulatory body of the United States found that global crypto exchange Gemini violated Commodities Exchange Act because it made wrong/false statements on Bitcoin futures contracts evaluation.

Gemini Trust Company, LLC (Gemini) is a digital assets exchange and also a custodian. Gemini crypto exchange allows its users to buy, sell, and store Cryptocurrencies. This exchange is a New York-based trust company, which is regulated by the New York State Department of Financial Services (NYDFS). Gemini was founded by Cameron and Tyler Winklevoss in 2014. 

On 2 July, The Commodity Futures Trading Commission (CFTC) sued Gemini exchange for its false and misleading statements regarding the bitcoin futures contract evaluation in 2017. So basically this matter is very old but action has been taken in the present time by taking into consideration that Gemini is one of the bad leader in the crypto space, actually not.

Through the released statement, the CFTC agency said that it will impose disgorgement of ill-gotten gains, monetary penalties, and injunctions relating to registration and trading and against further violations of the Commodity Exchange Act against the Gemini exchange.

The CFTC acting director Gretchen Lowe said that sue action will ensure that the CFTC agency always remains ready to prohibit wrong things and also aims to send strong information that the agency acts to safeguard the integrity of the market oversight process.

In response to this matter, spokesperson from the Gemini crypto exchange confirmed that the exchange always worked under compliance-based operations since the beginning of the crypto services under Gemini. The spokesperson also confirmed that the exchange will try to prove the same thing in court proceedings.

E-money license in Ireland

In March of this year, the Gemini crypto exchange secured an e-money license from the Irish regulatory body. However, e-money doesn’t provide regulatory approval to provide crypto-related banking services but still helps a lot to use an e-money license with a crypto license, to provide full crypto services. 

In recent months, Gemini confirmed that the exchange will try to provide services in a very high competitive region of Ireland with full regulatory power. 

Read also: Ripple may purchase other crypto projects in future

CFTC agency says Gemini violated Commodity Exchange Act

 

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