Crypto exchange Gemini has filed a formal complaint with the CFTC’s Office of the Inspector General, accusing the agency’s Division of Enforcement (DOE) of misconduct and misuse of taxpayer funds.
Co-founder Tyler Winklevoss claims the CFTC lawyers pursued an unjustified legal campaign against Gemini to boost their careers, despite knowing the firm was a victim of external fraud.
The complaint follows a $5 million settlement between Gemini and the CFTC over a 2017 Bitcoin futures product case, though Gemini insists the settlement was not an admission of guilt.
Gemini alleges the DOE spent seven years targeting the company without credible evidence, relying on a discredited witness and ignoring due process. The firm argues the case was driven by political motives rather than investor protection.
Backed by legal voices like attorney Jack Baughman, Gemini criticized what it sees as a broader pattern of overreach and internal dysfunction among financial regulators. The exchange is now calling for sweeping reforms to restore fairness and integrity in regulatory enforcement.
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