Gemini Crypto Exchange Operator Sued Over Role in Bitcoin Futures Product
- Date: 03-Jun-2022
- Source: The Wall Street Journal
- Sector:Financial Markets
- Country:Middle East
Gemini Crypto Exchange Operator Sued Over Role in Bitcoin Futures Product
The Commodity Futures Trading Commission on Thursday sued the crypto company owned by the billionaire Winklevoss brothers, saying it misled regulators as part of an effort to gain approval for bitcoin futures in 2017.
Gemini Trust Co. provided bitcoin pricing to Cboe Global Markets Inc., which launched a bitcoin futures product in December 2017. An auction run by Gemini determined how the bitcoin contract would settle on its final day before expiration, ensuring a tight link between the futures and the market for bitcoin itself.
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