Gemini Issued Warning in Philippines Over Crypto Derivatives Exchange
- Regulator: Gemini Foundation was launched without approval
- Breach of securities law comes with possible 21-year jail term
The Gemini Trust Co. website
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A derivatives exchange launched by crypto trading platform Gemini Trust Co. last month has allegedly been operating without authorization in one of its jurisdictions, the Philippines’ Securities and Exchange Commission said in a warning to investors.
Gemini launched the exchange and has been offering and marketing derivatives products, which are considered to be securities under local law, in the country without having first registered with the regulator, according to a notice published on the SEC’s website on May 18.