Protecting Philippine Investors: SEC Issues Warnings About Crypto Coins
Securities and Exchange Commission (SEC) is the agency of the Government of the Philippines responsible for regulating the securities industry in the country. One of its aims – to protect the public from unsecure investments.
It has issued several warnings about Paysbook and its Indigen Coins, Purewealth and PurePound Coin, as well as about Crypto Expert Inc, and Yeheey Itraffic System Inc. The companies are either not registered by the agency or sell unregistered security tokens.
Warning About Paysbook E-Commerce System Co. Ltd and Indigen Coins
SEC has released a document warning the public about the insecure investments to Paysbook. It has become known that the company is offering online investments as well as its own crypto called Indigen Coins.
However, the company is only registered as the information technology and computer services provider. It is not authorized to receive any investments from the public and is not licensed to issue tokens.
By the Paysbook’s scheme, the public invests by selling online account activation codes for participation in the platform.
Purewealth EBC Corporation and PurePound Cryptocurrency
SEC has also published a warning that Purewealth which is registered as a wholesale company, is offering its own PurePound crypto coin.
The company claims that there has already been the submission of whitepaper to SEC and the company is registered, however, SEC denies the facts.
More than that, the company has announced that its PurePound Coin is the 2nd largest crypto in terms of global capitalization, coming right after BTC and before ETH.
PurePound is a security token, therefore, it must be approved and licensed before being sold. According to SEC, the company hasn’t gone through this process.
Crypto Expert Inc and Yeheey Itraffic System
According to SEC, Crypto Expert Inc promises very high returns on investment – 25% guaranteed every week.
More than that, it says that it is registered with the Commission, however, SEC says it did not register the platform as a corporation or partnership, as well as did not give license to take investments from the public.
The same goes to Yeheey, as SEC warns that it runs an investment scheme but it is not authorized to receive investments from the public as it has not obtained the necessary license or permit from the Commission.
SEC has also advised the public not to invest in Ploutos Coin. According to the Commission, crypto coin is promoted by the Freedom Traders Club as a token which provides profit just by holding it. Freedom Traders Club is not registered as a company which has a right to receive investments.
SEC emphasizes that coins which act as investment instruments fall under the category of “securities.” Therefore, Ploutos Coin is a security, however, it does not follow the country’s laws.
SEC advises the public to avoid investment into these platforms and buying the crypto coins issued by them. Before any investment, the attention must be paid at unrealistic high returns and unclear company’s activity.
Secure investments will be discussed by crypto experts at the Blockchain & Bitcoin Conference Philippines.