The U.S. regulator and crypto exchange jointly move to overturn a 2025 consent order after calling the original complaint flawed.
The U.S. Commodity Futures Trading Commission and Gemini filed a joint motion Thursday to reverse a January 2025 settlement requiring the exchange to pay a $5 million civil penalty. The CFTC now states the 2022 complaint against Gemini should not have been filed under current enforcement standards.
The original case accused Gemini of misleading statements about Bitcoin futures contract manipulation risks. The exchange, founded by Cameron and Tyler Winklevoss, settled in January 2025 with the $5 million fine and a permanent injunction. The CFTC acknowledged the complaint relied on a whistleblower account later deemed unreliable.
In the motion, the CFTC called Gemini a “fraud victim” and cited improper influence in the initial regulatory action. The regulator did not disclose further details on the evidence or personnel involved.