The CFTC claimed that its settled complaint filed under the Biden administration relied heavily on a whistleblower’s allegations that Gemini inflated trading activity to distort user demand.
The US Commodity Futures Trading Commission has asked a federal court to vacate its $5 million settlement with crypto exchange Gemini, claiming that the agency’s enforcement action was based on flawed allegations.
Gemini settled with the CFTC and paid a $5 million fine in January 2025 in the final weeks of the Biden administration after the agency accused it of making false or misleading statements related to a Bitcoin futures contract.
The CFTC filed a joint motion with Gemini in a Manhattan court on Wednesday seeking to vacate the settlement, adding in a statement that it had reviewed the matter and concluded that the “complaint should not have been filed — and would not have been under current enforcement standards.”
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