SEC Philippines warned the public about three unregistered crypto companies - Bits Media

Securities and Exchange Commission (SEC) Filippin published a warning about three companies, offering unregistered securities: BKC Trading, Meta Trade и Platinum Coin.

The regulator claims, that these organizations work in the country illegally, Violating the laws of about capital markets. SEC noted, that Meta Trade offers investors fabulous profit in the amount 400% From the amount of the deposit for everything for 30 days. At the same time, the company is not registered in the department and has no license to provide investment services.

BKC Trading also does not have permission to attract investments, The regulator claims. Besides, The organization works on the principle of a financial pyramid, when money, received from new investors, used to pay profit to previous investors. The same applies to Platinum Coin, whose activity violates the laws on securities, said SEC.

The department urged the public to be extremely careful with these organizations, In order to avoid risks of loss of invested funds. The commission reminded, What to persons, acting as brokers on behalf of these companies, threatens to imprison 21 year or penalty before 5 Milln Filipino Peso (about $91 340).

Last week, the regulator announced cooperation with the Law Center of the University of Philippine (UPLC) for a joint study of digital assets and regulation development. Besides, By the next year, the government of the country plans to amend the legislation, Realled to taxation of cryptocurrencies.