The Securities and Exchange Commission (SEC) has warned the public against dealing with several entities claiming to be engaged in bitcoin trading and binary options trade.
The entities flagged by the SEC were Elizabeth Esty Save Lives Binary Option Trading Inc., Bitprime/ Bitprime Computer Software Trading/ Ariane Estolonio-Bitprime Software OPC, and Upsys Daily Trading.
According to the SEC, these entities are solicitating investments without the necessary license from the commission.
In particular, these firms claim to manage the investors’ accounts and trade for the said investors using a remote-controlled software that enables 100 percent on the return investment and 10 times the invested capital within days.
They also claim to provide cryptocurrency services which generate income through cloud-mining investments, as well as offer investment plans with promised earnings of two to four percent daily or P900 up to P540,000 after three month lock-in period.
Thhese actions, the SEC said, resemble a pyramid or Ponzi scheme, where investors earn through recruitment fees instead of the sale of actual products or services, and investors are paid using the contribution of new members.
“The Commission remains unwavering in its efforts to stamp out illegal investment-taking activities through financial literacy campaigns and advisories to the public,” the SEC said.
