The Philippines Securities and Exchange Commission (PSEC) has warned in a statement on Monday that Gemini's international arm dubbed Gemini Derivatives is openly offering securities without proper registration.
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In the document, the PSEC said Gemini Derivatives is offering services in the country illegally, as the exchange didn't register its business with the Commission. The regulator stressed the public should not invest in any products offered by Gemini.
The PSEC also warned brokers and dealers who offer services through the platform may be criminally prosecuted and penalized with a maximum penalty of twenty-one years of imprisonment.
Gemini launched a new trading platform for non-US customers called Gemini Foundation earlier in April. The new trading venture is aimed at the Asian market, including Singapore, Hong Kong, and Turkey.
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