Philippine regulator warns Gemini for breaking the law
Philippine regulator warns Gemini for breaking the law
The Securities and Exchange Commission of the Philippines has issued a warning to cryptocurrency exchange Gemini for the unauthorized operation of its Gemini Foundation derivatives trading platform in the country.
The Philippine regulator said Gemini opened a derivatives exchange without first registering with the regulator and offered its users products that are considered securities under local law.
The Securities and Exchange Commission recommended that people in the country refrain from investing in the platform's new products and withdraw assets from the platform as it is operating without the necessary license and/or authority to attract and/or accept investments/placements, according to the Bloomberg news portal.
Under Philippine law, the offense is punishable by life imprisonment or a fine of five million Philippine pesos.
Gemini Foundation is a non-U.S. derivatives trading platform that launched this month.
We previously wrote that Gemini reported a $630 million missed payment by DCG, the parent company of Genesis.
Gemini is a universal cryptocurrency and cryptofiat trading platform that has its own contingency insurance fund. The exchange offers high-level client support and a wide range of educational programs for novice traders.
