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Gemini Trust Company agreed to pay a civil penalty of $5 million to settle US Commodity Futures Trading Commission charges in connection with statements it made in connection with its bitcoin futures contract in 2017, a court filing showed on Monday.
Gemini also agreed to a permanent injunction, according to the consent order filed in federal court in New York, as per a Reuters report.
The CFTC sued Gemini in 2022 for making false and misleading statements of material facts or omitting such facts to the CFTC in 2017 related to a bitcoin futures contract it sought to launch.
According to the order, Gemini did not admit or deny the CFTC's findings. A spokesperson for the company did not respond immediately to a request for comment.