The authorities based in Philippine have alarmed users about two crypto platforms that are presumed of being scams.
Two crypto platforms were suspected of filing scams by the Philippine Securities and Exchange Commission (SEC). One of these two provides customers with a significant income in a short period of time, while the other promises to pay the users who invite new members into a “referral chain” scheme.
Onecash Trading is the first platform suspected for scams
The Market Regulator issued an alert notice to Onecash Trading platform – a digital asset retailer that says 200% will be allocated to pay back investors in just 8 weeks. The SEC also stated that Onecash isn’t officially registered in the SEC’s portfolio.
According to the Advisory:
“In its Facebook Account Onecash Trading is inviting the public to sign up to their website through a sponsored link and deposit an amount of P1,000 ($20) as an enrollment fee. Upon activation thereof, a member may opt to become a Trader with a promise receiving 25% return of investment every Thursday for eight consecutive weeks without doing anything or to be a Builder wherein a member shall be receiving P 50.00 ($1) per direct and indirect invites up to the 10th level.”
Through the endorsement, SEC refers to most of the investment schemes involving fiat or digital coins (Bitcoin, Dash, Litecoin, Ethereum, Monero, SIbcoin, Mooncoin, Ripple) which are recognized as “securities” thus going under the watch of the regulators.
The commission has warned users to stay as far away from the investment schemes as they rehash that the company will pay back the invested money in a short term and at a higher rate than the standards.
The SEC agency has announced that any agent, vendor, distributor from the OneCash Trading team who will continue to sell the platform’s services that violate the current regulations will be fined up to $ 100,000 or will go to jail for up to 21 years.
PBB150 Trading has received an advisory too
The other platform is called PBB150 Trading– a MLM crypto asset. Within this platform, users gain points when their number increases. The SEC also has identified a “chain referral” system and issued a cautionary advisory.
According to the advisory, “PBB150 Trading has no physical products and is engaged in what they called the ‘4th earning system,’ where according to PBB’s CEO, Leonardo Dano Labastida, members may buy a digital currency called “Kringles,” amounting to P55.00 ($1.1) each (maximum of 20 Kringles per account), with a promise that said amount would become P80.00 ($1.6) in a span of two weeks.”
The identification data of every person involved in activities that violate the current regulations will be submitted to the Bureau of Internal Revenue (BIR) for appropriate penalties.