Tag: Gemini Trust Company

Gemini Trust Slapped with $5 Million Penalty for Misleading CFTC

CFTC Charlene Lensburg - January 14, 2025

The U.S. Commodity Futures Trading Commission (CFTC) has issued a $5 million fine to Gemini Trust Company LLC for making false or misleading statements during a 2017 bitcoin futures contract certification process. The order stems from the CFTC’s July 2, 2022, complaint against Gemini Trust. The case highlights the importance of truthfulness in regulatory disclosures.

Genesis Settles for $21 Million with SEC Over Unregistered Crypto Asset Lending Program

Bankruptcies tamir - March 19, 2024

Genesis Global Capital, LLC has agreed to a final judgment that includes a $21 million civil penalty and a permanent injunction, resolving charges brought by the U.S. SEC accusing Genesis of conducting an unregistered offer and sale of securities via its crypto asset lending program. The SEC will be queued behind other claimants, including retail investors, in the bankruptcy court's distribution of payments, ensuring that Genesis's penalty is only paid after the fulfillment of all other allowed claims.

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