Key Points:
The Philippine Securities and Exchange Commission officially issued a warning to investors on May 18 that the Gemini Foundation, a derivatives exchange run by cryptocurrency trading platform Gemini Trust Co. launched last month, is operating illegally in the country.
The regulator said that Gemini Trust Co., Ltd. was not registered in advance, so the issue and/or sale of securities as derivatives violated relevant regulations and were illegal.
Penalties for violating these regulations include criminal prosecution and up to 21 years in prison or a fine of 5 million Philippine pesos ($89,562). The agency advises the public to refrain from investing and stops all current investments in the platform.
Gemini launched its non-U.S. derivatives platform Gemini Foundation in May, with the Philippines listed as a supported region. The exchange offers Bitcoin and ethereum perpetual futures contracts denominated in the exchange’s stablecoin GUSD.
However, the country’s regulators claim the exchange has no legal right to operate in the country as it is not approved for its products.
The SEC added that the cryptocurrency exchange marketed derivative products, which are essentially securities in the Philippines and are not approved by regulation to sell securities.
“Gemini Trust Company LLC’s lack of prior registration with the Commission makes their activities of offering and/or selling securities in the form of derivatives illegal in violation of the provisions of the SRC.” According to the Philippines SEC.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Foxy
Coincu News
Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…
Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…
With the platform facing a cracked whip, Trump Media company is expanding into new business…
Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…
Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…
SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…
This website uses cookies.