The CFTC is suing Gemini exchange for making false statements in 2017

2022-6-3 01:30

The U.S. Commodity Futures Trading Commission (CFTC) is suing New York-based crypto exchange Gemini for “making false or misleading statements” or omitting facts in conversations with the commission. The case for violation of the Commodity Exchange Act (CEA) was filed in the federal court in New York.

The CFTC’s allegations point to discussions that took place with Gemini for self-certification of a Bitcoin futures contract between July and December 2017 — around five years ago. If it had gained approval it would have been the first digital asset futures contract in the U.S. to be listed.

CFTC Acting Director of Enforcement Gretchen Lowe said in a statement:

“Making false or misleading statements to the CFTC in connection with a 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 fair competition. This enforcement action sends a strong message that the Commission will act to safeguard the integrity of the market oversight process.”

The complaint alleges that Gemini provided false information pertaining to facts relevant for the CFTC to understand the Bitcoin futures contract’s susceptibility to manipulation. In other words, the CFTC claims that Gemini lied or omitted facts about how easily the Bitcoin futures contract could fall prey to price manipulation.

The CFTC statement further said that Gemini employees knew or should have known that their statements were misleading or false.

The CFTC is asking for Gemini, which is owned by Cameron and Tyler Winklevoss, to yield illegal proceeds, as well as a ban on its registration and trading, and fines.

According to a Bloomberg report, Gemini has decided to fight the lawsuit. In a statement to the publication, it said:

“Gemini has been a pioneer and proponent of thoughtful regulation since day one. 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 post The CFTC is suing Gemini exchange for making false statements in 2017 appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Safe Exchange Coin (SAFEX) на Currencies.ru

$ 0.0054306 (-0.25%)
Объем 24H $1.742k
Изменеия 24h: 1.41 %, 7d: -8.63 %
Cегодня L: $0.0053635 - H: $0.0055227
Капитализация $6.099m Rank 99999
Доступно / Всего 1.123b SAFEX

false commission making statements suing gemini exchange

Источник: cryptoslate.com

false commission → Результатов: 32


Фото:

CFTC penalizes Tether and Bitfinex for making misleading allegations

The Commodity Futures Trading Commission (CFTC) has fined stablecoin issuer Tether and its sister company, Bitfinex, $42.5 million (£30.92 million) for violating commodities regulations. A press release unveiled this news on October 15, noting the CFTC held Tether responsible for making false or misleading claims and omissions of material fact regarding the backing of Tether […] The post CFTC penalizes Tether and Bitfinex for making misleading allegations appeared first on Invezz.

2021-10-18 17:29


Фото:

Tether And Bitfinex Fined $42.5M By CFTC For False Statements About Dollar Reserves

The US Commodity Futures Trading Commission today filed and settled charges against Bitfinex and sister company Tether. The two firms are required to pay fines totaling almost $43 million. CFTC claimed that the Tether (USDT) stablecoin was not completely backed by reserves most of the time and Bitfinex breached the derivatives regulator’s previous directive, according […]

2021-10-16 00:52


Canadian Exchange Coinsquare Accused of ‘Wash Trading’ by Ontario Securities Commission

Canadian financial watchdog, Ontario Securities Commission (OSC), is accusing Coinsquare crypto exchange of market malpractices with a hearing on this case set for July 21. According to the OSC, CoinSquare took part in market manipulation activities by giving a false picture of trading volumes to its clients'.

2020-7-20 15:46


SEC Of Thailand Warns Crypto Investors About Latest Scam Using Non-Authorized Exchanges

The Thai Securities and Exchange Commission‘s (SEC), the financial watchdogs of the country have warned the citizens about a new form of investing scam. I this scam, a false entity who is pretending to be a regulated legal digital currency trading firm accosts traders into investing with it. Lt Co Woranan Silam who is a […]

2019-8-26 16:41


Фото:

U.S. SEC Investigates Nevada-based Company Over False Regulatory Claims

The U. S. Securities and Exchange Commission (SEC) issued a suspension of trading in the Securities of Nevada-based American Retail Group, also known as Simex Inc. According to a press release published October 22, 2018, the company falsely claimed that they partnered with an SEC-qualified custodian and had registered their token offering in accordance to SEC requirements and regulations.

2018-10-24 11:00


Tesla’s woes unlikely to end soon, but startups can take a cue

“Funding secured. ” When Tesla founder and CEO Elon Musk tweeted the above statement early August, it kickstarted a series of things: Tesla stock jumped from about $363 to $379. The Securities and Exchange Commission launched a formal investigation into Musk — accusing him of making false and misleading statements to prop up Tesla’s value.

2018-10-11 23:00


Russian Crypto Firm Accused of Impersonating Coinbase to Mislead Investors

A Russian crypto firm, Coins Miner Investment Ltd, has been accused by the Texas Securities Commission (TSC) of claiming to represent Coinbase and Cointelegraph to entice investors. False Representation According to a press release via the TSC, the firm allegedly forged an e-mail address to appear to be associated with Coinbase.

2018-9-21 19:20


Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

DOJ charges 2 people over $25 million ETH theft via MEV exploit

The DOJ arrested and charged two individuals on May 15 over an alleged $25 million MEV exploit that occurred on the Ethereum blockchain. The defendants — brothers Anton and James Pepaire-Bueno — face three charges of conspiracy, wire fraud, and money laundering, each with a potential 20-year sentence.