Crypto Exchange Gemini Sued Over 2017 Bitcoin Futures Contract: US CFTC

The US CFTC filed a federal lawsuit accusing Gemini Trust Co of making false and misleading statements concerning a bitcoin futures contract.

The US CFTC filed a federal lawsuit in New York on Tuesday accusing Gemini Trust Co of making false and misleading statements concerning a bitcoin futures contract the firm was pursuing in 2017.

The agency contends that Gemini, a crypto exchange led by Cameron and Tyler Winklevoss, violated federal laws governing commodities, and is seeking civil fines and other remedies.

Gemini officials "knew or reasonably should have known that the statements and information conveyed or omitted" by the company were false or misleading with respect to how a proposed bitcoin futures contract could be susceptible to manipulation, according the filing.

"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," Gemini said in a statement.