The Philippines Securities and Exchange Commission (PSEC) has issued a warning on its website advising the public against investing in Gemini's Gemini Derivatives product. The product, which is available on the Gemini Foundation platform, was launched in certain jurisdictions on May 1.
According to Philippine law, derivatives are considered securities that must be registered with the PSEC. However, Gemini lacks the licensing and authority necessary to operate in the country. The PSEC stated that individuals or entities involved in the sale or promotion of unregistered securities could face fines of up to 5 million pesos ($89,826) or imprisonment for up to 21 years. This statement was released on May 11 but was posted online a week later.
The PSEC's warning references complaints filed by the United States Securities and Exchange
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First found on: The PSEC Warns Public Against Investing in Gemini Derivatives in the Philippines
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