The Philippines Securities and Exchange Commission (PSEC) has issued an advisory on its website warning the public not to invest in Gemini’s Gemini Derivatives product. The product is available on the Gemini Foundation platform that was launched in some jurisdictions on May 1.

Derivatives are securities under Philippine law and therefore subject to registration by the PSEC. Gemini lacks the necessary licensing and authority to operate in the country. Salesmen, brokers, dealers or agents that sell or promote unregistered securities face a fine of up to 5 million pesos ($89,826) or 21 years’ imprisonment, the agency said in a statement dated May 11 but posted a week later.

The PSEC warning mentions United States Securities and Exchange Commission and U.S. Commodity Futures Trading Commission complaints against Gemini and quoted SEC chair Gary Gensler on Gemini’s Earn program, which the SEC filed a complaint against in January:

“Today’s charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws. […] It’s not optional. It’s the law.”

The Gemini Foundation platform launched in 29 countries, including the Philippines, according to the May 1 announcement. It is not available in the U.S., United Kingdom or European Union. It offers a Bitcoin (BTC) perpetual contract denominated in the exchange’s native Gemini Dollar (GUSD).

Related: New York financial regulator investigates Gemini over FDIC claims: Report

Gemini is locked in a legal battle with Digital Currency Group’s crypto lender, Genesis Global Capital, which declared bankruptcy in January with $700 million worth of Gemini customers’ money locked up in it.

Gemini did not respond immediately to an enquiry from Cointelegraph about the Philippine warning.

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