Judge Alvin K. Hellerstein of the New York Southern District Court has signed a consent order for permanent injunction and civil monetary penalty against Gemini Trust Company.

The relevant order was entered on January 6, 2025.

The order concerns an action brought by the Commodity Futures Trading Commission (CFTC) in June 2022. Gemini Trust Company, LLC was charged for making false or misleading statements of material facts or omitting to state material facts to the CFTC in connection with the self-certification of a bitcoin futures product.

To effect settlement of all charges alleged in the complaint against the defendant without a trial on the merits or any further judicial proceedings, the defendant has consented to the entry of Consent Order for Permanent Injunction, Civil Monetary Penalty, and Other Equitable Relief Against Defendant.

The Court ordered that Gemini is permanently restrained, enjoined and prohibited from making false or misleading statements or omitting to state material facts to the Commission, in violation of Section 6(c)(2) of the Act, 7 U.S.C. § 9(2).

The defendant must pay a civil monetary penalty in the amount of five million dollars ($5,000,000).