The US regulator of the futures market, presented claims against the crypto platform Gemini, established by Winklevoss twins in 2014. It claims that the company falsified data provided to the CFTC in around 2017 at meetings and in papers by breaking the regulation principles.
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The federal agency was exploring the potential self-certification of a BTC futures contract. BTC futures went live on the Chicago Board Options Exchange in Dec. 2017, relying on the price data of the coin on Gemini. The regulator was investigating if the suggested BTC futures contract would be possible to manipulate.
The release by the CFTC says, the agency is pursuing disgorgement of profits, financial penalties, and injunctions connected to listing and trading and possible violations.
The BTC Futures Contract was of great importance as it was to be among the first digital asset futures contracts registered on a designated contract sector. Information provided directly by Gemini was essential to the agency's work to protect market participants, promoting responsible innovation. CFTC mentioned that the enforcement action indicates that the agency will act to maintain the market integrity.