US Markets Authority Sues Crypto Exchange Gemini Over Alleged Breaches Regarding Bitcoin (BTC) Futures Products
The Commodities Futures Trading Commission (CTFC) is suing the Gemini crypto exchange, alleging that employees provided the agency with false and incomplete information.
In a new press release, the CFTC announced that it had filed a complaint against the Gemini Trust Company of New York State in connection with the 2017 evaluation period of the company’s proposed Bitcoin (BTC) futures contract product.
By alleging that Gemini made false statements and omissions, the CFTC is “seeking forfeiture of ill-gotten gains, civil penalties, injunctions relating to registration and trading, and an injunction against further violations of the Commodity Exchange Act (CEA).” .
Gretchen Lowe, CFTC Acting Director of Enforcement, explains the Commission’s rationale for the Gemini lawsuit,
“Making false or misleading statements to the CFTC in connection with any futures product certification undermines the CFTC’s work to ensure the financial integrity of all transactions subject to the CEA, protect market participants, deter and prevent price manipulation, and promote responsible innovation and fairness to encourage competition.”
Gemini is run by the famous Winklevoss twin brothers who started out as early Facebook developers.
In an independent announcement, Gemini says in a blog post that the company will lay off about 10% of its roster due to crypto market and macroeconomic concerns.
“We are in… the contraction phase transitioning into a phase of stasis – what our industry refers to as ‘crypto winter.’ All of this has been compounded by the current macroeconomic and geopolitical turmoil.
We asked the team leaders to ensure they only focus on products critical to our mission and to assess whether their teams are the right size for the current, turbulent market conditions that are likely to persist for some time .
After much thought and deliberation, we have made the difficult but necessary decision to part with approximately 10% of our workforce.”
The letter concludes by emphasizing the focus on innovation to bring about the next bull cycle.
“As painful as this moment is, we ultimately see it as an opportunity to double down on our strongest ideas and customer-centric products so we can be the catalyst for innovation that will emerge from these lean times and fuel the next cycle of crypto growth and of adoption.”
Check the price action
Don’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
 
Check the latest headlines
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/kersonyanovicha/maksum iliasin
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.