CFTC Charges Resolved: Gemini Agrees to $5 Million Settlement
In a significant development for the cryptocurrency industry, Gemini Trust Company, led by Tyler and Cameron Winklevoss, has agreed to pay a $5 million settlement. This resolves allegations from the Commodity Futures Trading Commission (CFTC) that accused the exchange of providing misleading information during its attempt to launch the first US-regulated Bitcoin futures contract. According to Bitcoinist.com, this agreement was disclosed in court filings on Monday, averting a trial initially set for January 21.
The CFTC's lawsuit claimed that between July and December 2017, Gemini provided false statements about measures taken to prevent market manipulation affecting Bitcoin prices used as benchmarks for derivative contracts. The proposed futures were supposed to be settled based on spot prices determined through an auction on Gemini’s platform. As reported by Bloomberg, while settling without admitting or denying liability, this move is part of broader regulatory efforts under President Biden's administration aimed at increasing oversight within the crypto sector.
Astonishing Shiba Inu Movement Stuns Binance Amid Crypto Market Dynamics
This past weekend saw remarkable activity involving Shiba Inu (SHIB), with Binance recording inflows totaling 379 billion SHIB tokens following a price increase exceeding 5%. Currently trading around $0.00002404 according to CoinMarketCap data cited by U.Today, analysts suggest surpassing resistance levels could further boost momentum despite recent fluctuations below previous highs.
Additionally noteworthy is Ripple USD (RLUSD)'s dramatic surge in trading volume—up by an astounding 2000%—despite skepticism over such rapid traction given its modest market cap relative size among stablecoins traded primarily via Bullish platform backed notably by PayPal co-founder Peter Thiel.
FTX EU Finds New Ownership Under Backpack Following Bankruptcy Proceedings
CCN.com reports Germany-based Backpack acquired FTX EU amid ongoing bankruptcy processes approved both judicially & regulatorily across Cyprus Securities and Exchange Commission jurisdictions, allowing expansion of regulated derivatives offerings throughout Europe. This acquisition positions Backpack as a pioneering entity offering perpetual future products compliant with MiCA regulations, effective since late last year. These regulations prohibit unregistered offshore platforms from operating regionally, thereby securing a strategic foothold amidst the shifting landscape post-FTX collapse. Previously valued in the billions, the relaunched entity is now rejuvenated, with former employees spearheading the transition, leveraging their experience and expertise from previous roles. The trajectory moving ahead positively impacts stakeholders affected by transitions, with interested parties closely monitoring developments and potential implications arising in globally interconnected markets.
Sources:
- CFTC Charges Resolved: Crypto Exchange Gemini Strikes $5 Million Deal In Proposed Order | Bitcoinist.com
- 379,270,000,000 SHIB Stun World's Largest Crypto Exchange, RLUSD Surges 2,000% in Key Metric, Enormous ADA Buying Spree Happening Right Now: Crypto News Digest by U.Today
- Fallen Crypto Exchange FTX EU Has a New Owner, but License Remains Suspended
- Winklevoss Twins’ Gemini to Pay $5 Million Fine to End CFTC Case
- FTX EU Finds New Home With Ex-FTX and Alameda Talent
- Bitcoin Drops Over 10% From $108,000 High as Exchange Inflows and Miner Outflows Decline
