The CFTC chair seeks to roll back an enforcement action on the company founded by Cameron and Tyler Winklevoss, donors to Donald Trump’s 2024 campaign and attendees at White House events. Update (June 2 at 9:35 pm UTC): This article has been updated to include a response from the CFTC. US Commodity Futures Trading Commission (CFTC) Chair Michael Selig is claiming that the agency under former President Joe Biden “politically targeted” the co-founders of cryptocurrency exchange Gemini through enforcement actions. In a Tuesday CNBC interview, Selig said under his leadership, the CFTC was “trying to get back to a baseline” on enforcement, after what he claimed was politicization by the Biden administration. While the Selig acknowledged that he is a political appointee nominated by US President Donald Trump, he claimed that the recently reported staff cuts targeted people “engaging in lawfare.” Read more
As the CFTC and Gemini work together to seek a court's reversal of a 2025 settlement, one of the agency’s former chairs said the public “deserves a better explanation.” A former chairman of the US Commodity Futures Trading Commission (CFTC) responded to the agency’s move to vacate a $5 million settlement with cryptocurrency company Gemini. In a Wednesday motion filed in the US District Court for the Southern District of New York, the CFTC joined the Gemini Trust Company in seeking relief from the judgment of a case initially filed in June 2022. The company reached a $5 million settlement with the CFTC in January 2025 while the agency was under former US President Joe Biden. “[T]he CFTC’s action in reversing itself on a settled case is extraordinarily unusual,” Tim Massad, a former CFTC chair and research fellow at Harvard Kennedy School, told Cointelegraph. “The explanation seems to be that the staff got it wrong, not that the law was unclear.” Read more
Gemini is leaning into AI features for its prediction market, following other crypto exchanges in moving beyond crypto trading amid a market slump. Crypto exchange Gemini has partnered with Elon Musk’s SpaceXAI to launch an artificial intelligence-powered feature for its prediction markets platform that will allow users to curate personalized feeds. Gemini said on Thursday that its “Command Center” offering would show markets based on users’ open positions and watchlists, and can track crypto, sports, commodities, politics, economics and culture. “Rather than forcing you to dig through social feeds to find what's relevant, Command Center meets you where you are,” Gemini said. “It learns from your open positions, watchlists, and prediction history to surface the intelligence most likely to inform your next move.” Read more
The CFTC claimed that its settled complaint filed under the Biden administration relied heavily on a whistleblower’s allegations that Gemini inflated trading activity to distort user demand. The US Commodity Futures Trading Commission has asked a federal court to vacate its $5 million settlement with crypto exchange Gemini, claiming that the agency’s enforcement action was based on flawed allegations. Gemini settled with the CFTC and paid a $5 million fine in January 2025 in the final weeks of the Biden administration after the agency accused it of making false or misleading statements related to a Bitcoin futures contract. The CFTC filed a joint motion with Gemini in a Manhattan court on Wednesday seeking to vacate the settlement, adding in a statement that it had reviewed the matter and concluded that the “complaint should not have been filed — and would not have been under current enforcement standards.” Read more
Gemini credit card revenue surged nearly 300% to $14.7 million in Q1, attributed to significant growth in its user base. Crypto company Gemini reported a 42% year-on-year increase in revenue in Q1 2026 as it continued its growth from a pure crypto exchange into a financial services company. Total revenue for the Winklevoss twins' company grew 42% year-on-year to $50.3 million in the first quarter, while transaction revenue remained stable at $24 million, the company reported Thursday. However, its crypto exchange revenue decreased 27% year-on-year to $17.2 million, “reflecting lower spot trading activity and a moderation in crypto market volumes,” while total trading volume declined to $6.3 billion from $13.5 billion in Q1 2025. Read more
Attorney General Letitia James alleged that Coinbase and Gemini ran unlicensed markets, adding pressure on crypto companies as states move to regulate event-based trading platforms. New York's attorney general has filed lawsuits against crypto exchange operators Coinbase Financial Markets and Gemini Titan for allegedly violating state gambling laws, according to court records cited by Reuters. Copies of the complaints show the state alleges both exchanges failed to obtain licenses from the New York State Gaming Commission to operate their markets, Reuters reported. “Gambling by another name is still gambling, and it is not exempt from regulation under our state laws and Constitution,” Attorney General Letitia James said in a statement. Read more
Crypto exchange Gemini is facing a proposed class-action lawsuit over what a complaint alleges is an “abrupt corporate pivot to a prediction-market-centric business model” after its IPO. Gemini is facing a proposed class-action lawsuit in New York for allegedly misleading investors during and after the crypto exchange’s September initial public offering. The lawsuit was filed on Thursday in Manhattan federal court by shareholders against Gemini, its co-founders Tyler and Cameron Winklevoss, and company executives. Plaintiff Marc Methvin alleges that the company’s IPO documents portrayed Gemini as a growing crypto exchange focused on expanding its user base and international footprint, but that it made an “abrupt corporate pivot to a prediction-market-centric business model.” Read more
Gemini reported its fourth quarter revenues were $60.3 million, which co-founders Cameron and Tyler Winklevoss say is its highest quarterly revenue in three years. Shares in crypto exchange Gemini surged after hours as stronger-than-expected fourth-quarter results showed revenue growth driven by credit card adoption and a reworked fee structure. Gemini reported on Thursday that its Q4 revenues rose 39% from the year-ago quarter to $60.3 million, reportedly beating analyst expectations of $51.7 million. It reported a net loss of $140.8 million for Q4, deepening from its $27 million loss from a year ago. Gemini posted a total 2025 loss of $585 million, ahead of its total 2024 losses of $156.6 million. Read more
The exchange's chief legal officer, chief operating officer and chief financial officer are out and Cameron Winkelvoss will take on more responsibilities. Gemini Space Station, the parent company of cryptocurrency exchange Gemini, said that three of its C-suite executives would be leaving effective immediately, with co-founder Cameron Winklevoss assuming additional responsibilities. In a Tuesday filing with the US Securities and Exchange Commission, Gemini said it would be “parting ways” with chief operating officer Marshall Beard, chief financial officer Dan Chen and chief legal officer Tyler Meade. The company said it did not plan to replace Beard, who also resigned from Gemini’s board. Winklevoss is expected to take on revenue-generating responsibilities. Danijela Stojanovic, previously Gemini’s chief accounting officer, has been appointed as interim CFO. Read more
Industry groups and exchanges said the United Kingdom’s slow, overlapping crypto rules and compliance frictions are undermining its “global hub” ambition. Gemini’s decision to exit the United Kingdom, European Union and Australia to focus on the United States and Singapore has sharpened questions over whether the UK’s still unfinished rulebook is deterring even well‑regulated players the government hoped to attract. In April 2022, then Chancellor Rishi Sunak said it was his “ambition to make the UK a global hub for cryptoasset technology,” unveiling Treasury measures, such as stablecoin regulation, and launching a Financial Conduct Authority (FCA) “CryptoSprint” to help firms invest in the country. However, in Gemini’s latest strategy update on Thursday, the exchange said many foreign markets were “hard to win,” with expansion leaving it “stretched thin” and burdened by organizational complexity, driving up costs. Read more
Gemini, a US-based cryptocurrency exchange founded in 2015, will focus on growth in the United States due to its deep capital markets. Crypto exchange Gemini announced its exit from the United Kingdom, European Union and Australia markets on Thursday, as the company slashed its workforce by 25%. Gemini cited artificial intelligence automating labor and making engineers “100x” more efficient, and a more challenging business environment in the UK, EU and Australia, as reasons for the exit, according to Thursday’s announcement: “We don’t have the demand in these regions to justify them. The reality is that America has the world’s greatest capital markets,” the announcement said. Read more