Claim BonusBreaking: 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
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Crypto Market Bill Nears Resolution as Ripple CLO Signals Compromise After Key Meeting
- $3.5T Banking Giant Goldman Sachs Discloses $2.3B Bitcoin, Ethereum, XRP, and Solana Exposure
- Why is XRP Price Dropping Today?
- Breaking: FTX’s Sam Bankman-Fried (SBF) Seeks New Trial Amid Push For Trump’s Pardon
- Fed’s Hammack Says Rate Cuts May Stay on Hold Ahead of Jobs, CPI Data Release
- Bitcoin Price Analysis Ahead of US NFP Data, Inflation Report, White House Crypto Summit
- Ethereum Price Outlook As Vitalik Dumps ETH While Wall Street Accumulates
- XRP Price Prediction Ahead of White House Meeting That Could Fuel Clarity Act Hopes
- Cardano Price Prediction as Bitcoin Stuggles Around $70k
- Bitcoin Price at Risk of Falling to $60k as Goldman Sachs Issues Major Warning on US Stocks
- Pi Network Price Outlook Ahead of This Week’s 82M Token Unlock: What’s Next for Pi?
