The Philippines Securities and Exchange Commission (PSEC) has issued an advisory on its website warning the public not to invest in Gemini’s Gemini Derivatives product. The product is available on the Gemini Foundation platform that was launched in some jurisdictions on May 1.
Derivatives are securities under Philippine law and therefore subject to registration by the PSEC. Gemini lacks the necessary licensing and authority to operate in the country. Salesmen, brokers, dealers or agents that sell or promote unregistered securities face a fine of up to 5 million pesos ($89,826) or 21 years’ imprisonment, the agency said in a statement dated May 11 but posted a week later.