American cryptocurrency exchange platform Gemini Trust Company has agreed to pay a US$5 million civil penalty to settle charges by the United States Commodity Futures Trading Commission (CFTC).

The agreement resolves issues related to statements made in 2017 concerning its bitcoin futures contract, according to a court filing on Monday.

The cryptocurrency firm also consented to a permanent injunction, as described in an order filed in federal court in New York.

The CFTC filed a lawsuit against Gemini in 2022, alleging the company made false or misleading statements and omitted important facts during its 2017 efforts to launch the bitcoin futures product.

In the settlement, Gemini did not admit or deny the CFTC’s allegations, while the company has not yet commented on the settlement.

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