The Philippines Securities and Exchange Commission (PSEC) has issued an advisory warning the public not to invest in Gemini’s Gemini Derivatives product.
Gemini Derivatives is available to users on the crypto exchange’s new Foundation platform and was launched on the 1st of May, 2023.
Philippines SEC Issues Warning
In its advisory, the Philippines Securities and Exchange Commission stated that Gemini’s newly launched derivatives platform had not obtained prior regulatory authorization to operate in the country. The country’s regulatory watchdog issued an official warning to the cryptocurrency exchange on the 18th of May. According to Philippine law, derivatives are considered as securities and must be registered with the Philippines Securities and Exchange Commission. In its statement, the regulatory authority stated that Gemini did not have the necessary authority or licensing to operate in the country.
The Philippines Securities and Exchange Commission also outlined the
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