Breaking: Gemini Derivatives Exchange Reprimanded In Philippines

Crypto Market News: Philippines regulators issued a warning to Crypto exchange Gemini over unauthorized operation of its derivatives exchange in the country. According to a Bloomberg report, the country’s securities exchange commission reprimanded the company over unauthorized business in one of its jurisdictions in the country. This warning adds to the growing list of concerns for crypto market businesses in the United States, as the US Securities and Exchange Commission (SEC) continues its strict enforcement stance.

Also Read: MicroStrategy Replies To FASB Standards To Update Bitcoin Holdings

Gemini Warned In Philippines

According to the report, Gemini was issued the warning notice on May 18, 2023, over unauthorized operation of the derivatives exchange. The regulatory agency warned the country’s public against investing in new products and suggested they halt existing investments. This marks a stumbling block in Gemini’s way after launching the derivatives exchange just a month ago. The notice said,

“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.”

On the other side, Gemini said the Digital Currency Group (DCG) missed out on a recent $630 loan payment, which means it may need to consider providing DCG with exception on enforcing the debt as a means to avoid default.

Also Read: Debt Ceiling Deal Or Not, Bitcoin To Remain Bullish; Here’s Why

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Reach out to him at [email protected].

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.