SEC warns against crypto, crowdfunding scams
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The Securities and Exchange Commission (SEC) on Tuesday, Feb. 16, warned the public against individuals and groups engaged in unauthorized investment-taking activities disguised as cryptocurrency trading and franchising.
In separate advisories issued on Feb. 9, the SEC advised the public to exercise caution when dealing with Solmax Global Limited and Igniter 100, as well as BitAccelerate.
The 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.
Solmax Global and Igniter 100 have been enticing the public to invest in its initial coin offering (ICO) through its Filipino Independent Marketing Partners (IMP).
Published February 17, 2021, 6:00 AM
The Securities and Exchange Commission (SEC) again warns the public against individuals and groups engaged in unauthorized investment-taking activities disguised as cryptocurrency trading and franchising.
In separate advisories issued on February 9, the Commission advised the public to exercise caution when dealing with Jams Mart, Solmax Global Limited and Igniter 100, as well as BitAccelerate.
It said all three groups have not secured the necessary licenses to offer securities for sale within the Philippines, as required under the Securities Regulation Code.
The SEC warned all individuals 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.