Home / Business and Economy / Judge Rejects Gemini's Bid to Ditch Fine
Judge Rejects Gemini's Bid to Ditch Fine
16 Oct
Summary
- Federal judge denied a joint request from Gemini and a regulator.
- Gemini Trust Co. and Winklevoss brothers' exchange faced enforcement action.
- The action required Gemini to pay a $5 million penalty.
A federal judge has denied a joint request from Gemini Trust Co. and a US financial regulator. The unusual joint plea aimed to overturn a Biden-administration enforcement action.
This enforcement action had previously mandated that the cryptocurrency exchange, which is led by the Winklevoss brothers, pay a $5 million penalty. The judge's ruling means Gemini must proceed with this financial penalty.
The rejection signifies a setback for Gemini's attempt to nullify the penalty. The case highlights ongoing regulatory scrutiny of cryptocurrency exchanges.
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