- The warning concerns the futures exchange, which was launched at the beginning of the month.
- Regulators Say Gemini Fund Launched Without Authorization
- They advised the public not to invest in the platform
Philippine Securities and Exchange Commission reportedthat Gemini’s recently launched derivatives platform was likely operating without permission in one of the jurisdictions. Gemini launched an exchange and offered products that are considered securities in the country under local law.
The agency said in a statement:
“Gemini does not have the necessary license and authority to solicit, accept or accept investments from the public, or to issue securities”
They also advised residents not to invest and suspend all ongoing investments in the platform.
“The lack of pre-registration of Gemini Trust Company LLC makes their activity in the offer and sale of securities in the form of derivatives illegal“- said the SEC.
Under the law, violation of such rules can result in a maximum prison sentence of 21 years or a fine of $89,562.
Also today, the Malaysian Securities and Exchange Commission (SC) filed charges against Huobi Global Ltd. and her CVO. Companies are charged with operating a virtual asset trading platform (DAX) without a proper license.