The Securities and Exchange Commission (SEC) in the Philippines has issued a warning to the public about investing in Gemini Derivatives, which falls under the category of securities according to Philippine law and should be registered with the SEC. However, Gemini lacks the necessary licensing and authority to operate in the country, making it an unregistered security.
The advisory also mentions the complaints filed by the United States Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission against the crypto exchange. Gemini has not yet publicly commented on the matter regarding the warning issued by the Philippines Securities and Exchange Commission.
The legal battle between the crypto exchange and Genesis Global Capital has added further complexity to the situation, resulting in significant funds being locked up and creating challenges for the troubled crypto exchange and its affected customers.
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