Philippine Authorities Warn Gemini for Unlicensed Derivatives Operations

Philippine Authorities Warn Gemini for Unlicensed Derivatives Operations

Gemini received a warning letter on May 18, 2023, for running the derivatives exchange without the necessary authorization. The government watchdog advised citizens to refrain from new investments and withdraw their funds from the market. This setback comes shortly after Gemini’s launch of a derivatives market. Read full article below.

Gemini, a cryptocurrency exchange, was warned by Philippine authorities for running an unlicensed derivatives exchange in the nation. Bloomberg claims that the country’s stock exchange regulator censured the firm for doing unlicensed operations in one of the country’s provinces.

This latest alert comes as the US Securities and Exchange Commission (SEC) maintains a rigorous enforcement approach, adding to the increasing list of issues for US crypto market enterprises. The report claims that Gemini received the warning letter for running the derivatives exchange without authorization on May 18th, 2023.

Launched Derivates Market Just a Month Ago

The government watchdog organization urged citizens not to buy any new items and to get their money out of the exchange immediately. This is a setback for Gemini, which just a month ago launched a derivatives market.

The announcement read:

“The derivatives exchange does not have the necessary license and/or authority to solicit, accept or take investments/placements from the public nor to issue securities.”

Gemini countered that DCG had failed to make a $630 loan payment, suggesting that it could need to grant DCG an enforcement waiver in order to avoid default on the debt.

The Securities Commission of Malaysia (SC) said earlier today that it has filed charges against Huobi Global Limited and its CEO Leon Li for running an unregistered digital asset exchange (DAX). The Commission has requested that the cryptocurrency exchange remove its domestic website and mobile app.

Naseem Sheikh