The Gemini Trust Company, the firm behind the Gemini crypto exchange founded by Tyler and Cameron Winklevoss, has agreed to pay a $5 million civil penalty to settle a Commodity Futures Trading Commission suit that alleged it misled regulators, court documents filed Monday show.

The CFTC hit the crypto company with the suit in 2022 for "for making material false or misleading statements" in an effort to gain approval for its Bitcoin futures product. The proposed settlement helps Gemini avoid a trial that was set to begin on January 21. Bloomberg first reported the news.

Editor's note: This is a breaking news story and will be updated.