Market

Philippine Regulators Warn Gemini About Unauthorized Activities

Key Points:

  • Philippine regulators say cryptocurrency exchange Gemini has been operating without approval.
  • The agency advises the public to refrain from investing and stops all current investments in the platform.
  • 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 Philippine Securities and Exchange Commission has issued a warning to investors that Gemini is operating a newly launched derivatives exchange without regulatory permission in the country, Bloomberg News reports.

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

Victor

Recent Posts

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

2 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

5 hours ago

Step into BlockDAG’s Presale Frenzy This November: Secure a Massive 100% Bonus with BDAG100!

November is the perfect time for BlockDAG's huge presale. Use BDAG100 to double your purchase.…

7 hours ago

OpenSea New Version Will Be Launched In December

OpenSea new version is scheduled to launch in December, with an improved user experience, improved…

7 hours ago

This website uses cookies.