Gemini Issued Warning in Philippines Over Derivatives Exchange

A derivatives exchange launched by crypto trading platform Gemini Trust Co. last month has allegedly been operating without authorization in one of its jurisdictions, the Philippines’ Securities and Exchange Commission said in a warning to investors.

Gemini launched the exchange and has been offering and marketing derivatives products, which are considered to be securities under local law, in the country without having first registered with the regulator, according to a notice published on the SEC’s website on May 18.

New York-based Gemini does not have “the necessary license and/or authority to solicit, accept or take investments/placements from the public nor ...