Gemini Derivatives Exchange Warned In Philippines

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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.

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