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Warning up against fake cryptocurrency trading

Republika

A warning is up against individuals and groups engaged in unauthorized investment-taking activities disguised as cryptocurrency trading and franchising.


The Securities and Exchange Commission (SEC) advised the public to exercise caution when dealing with Jams Mart, Solmax Global Limited and Igniter 100, as well as BitAccelerate.


All three groups have not secured the necessary licenses to offer securities for sale within the Philippines, as required under Republic Act 8799, or the Securities Regulation Code.


The SEC warned all individuals and/or entities involved in the unauthorized investment-taking activities of the strict penalties provided under the Securities Regulation Code, and other laws, rules and regulations enforced by the Commission.


The Securities Regulation Code, for one, punishes those who act as salesmen, brokers, dealers or agents with a maximum fine of P5 million or imprisonment of up to 21 years or both.


Similarly, those who invite or recruit others to join or invest in such ventures or offer investment contracts or securities to the public may incur criminal liability, or otherwise be sanctioned or penalized accordingly, as held by the Supreme Court in the case of SEC vs. Oudine Santos (G.R. No. 195542, 19 March 2014).

Photo by PNA


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