Philippine regulators: Gemini operates in the country without authorization and is suspected of illegal activities

ChainCatcher news, according to Bloomberg, the Philippine Securities and Exchange Commission announced on its website on May 18 that the derivatives trading platform launched by the cryptocurrency exchange Gemini Trust Co. is operating in the Philippines without authorization, advising the public not to invest and to cease all current investments in the platform.

The regulatory agency stated that Gemini Trust Company LLC was not registered in advance, and therefore its activities of issuing and/or selling securities in the form of derivatives violate relevant regulations and are illegal. Penalties for violating these regulations include criminal prosecution and a maximum of 21 years in prison, or a fine of 5 million Philippine pesos (89,562 USD). A spokesperson for Gemini declined to comment on this. (Source link)