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U.S. regulator accuses Gemini crypto exchange of manipulating bitcoin price

U.S. regulator accuses Gemini crypto exchange of manipulating bitcoin price

The Commodity Futures Trading Commission (CFTC) sued Gemini Trust Co. for providing misleading information about the spot bitcoin price when considering whether to allow futures contracts to be launched on the exchange.

According to a press release, CTFC said the exchange provided false information in personal contacts and documents in 2017, violating provisions of the Commodity Exchange Act and other regulations. Since the futures contract is linked to the price of Bitcoin on the exchange itself, any manipulation of the coin's value on the exchange could be considered manipulation of the futures contract price.

Agency calls for fines against the exchange and a ban on Gemini and its affiliates from trading and attracting investment.

“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 exchange's founders replied.

Gemini crypto exchange was founded in 2014 by Cameron and Tyler Winklevoss. On June 2, the company announced a 10% staff cut due to the stagnating crypto market. 

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