Gemini - More Smoke after the 10% layoff news (Patreon)

The summary of CFTC allegations against Gemini:

• Two unnamed Gemini Principals provided private loans to customers with their own funds–to buy Bitcoin futures on Gemini in order to inflate transaction volumes and win regulatory approval.
• Gemini concealed that they would offer digital or fiat “credits” for some users on the platform, allowing these users to participate in Bitcoin Auctions, affecting the price of bitcoin, without using their own capital.
• Free trading credits were personally approved by one of two principals at Gemini.
• Wash trading was systematic, including periods where 70% of total trading volume was a single participant trading with themselves. This means that trading volume data reported by Gemini during this time were necessarily inflated, and known by the company to be unreliable.
• Gemini staff declined to implement wash trade prevention measures, deciding it was “too hard” and that market makers were “grownups, [who] can figure it out.”
• Gemini offered undisclosed “fee rebates” and other incentives to preferred users, allowing them to generate millions of dollars by trading with themselves, further skewing all reporting of Gemini’s total trading volume.