The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on BITRADE/BITRADE BITCOIN TRADING LTD. warning the public of the individuals and groups involved in such activities. The advisory defines the activities behind the scheme, and advises the public to not to invest or stop investing in any investment scheme offered by the said company.
In support of this view, Coins.ph does not endorse or is affiliated in any way with such activities or products. Moreover, we have a zero tolerance policy on fraudulent activities and potentially scamming practices. In a separate article, we have enumerated tips on how you can avoid investment schemes and other online scams. We urge our customers to be extra diligent with their funds and to act within our User Agreement.
Based on the information gathered by the Commission, a number of individuals or group of persons claiming to represent BITRADE/BITRADE BITCOIN TRADING LTD./BITRADE LIMITED PH. are enticing the public to invest their money in said entity.
As posted online, BITRADE/BITRADE BITCOIN TRADING LTD./BITRADE LIMITED PH. is offering different packages with guaranteed returns from 20% per 15 days up to 40% per month which include the following:
According to these persons, in order for you to become a member, you have to register at this website https://dailypassive.com/panel/register, choose your package, and receive passive income by just typing the captchas everyday.
In addition to the supposed income from captcha typing, a member is also entitled to:
- Direct Referral Bonus: The recruiter is entitled to 10% commission of his new
recruit’s availed package; and 10% commission of his recruits’ upgrade and/or
renewal of package; and
- Pass Up Bonus : The recruiter is entitled to 50% of his recruit’s income in captcha
Per records of the Commission, BITRADE/BITRADE BITCOIN TRADING LTD./BITRADE LIMITED PH. is not registered either as a corporation or partnership. Further, it is NOT AUTHORIZED to solicit investments from the public since it has not secured prior registration and/or license from the Commission as prescribed under Sections 8 and 28 of the Securities Regulation Code.
Hence, those who act as salesmen, brokers, dealers or agents or claim to act as such for BITRADE/BITRADE BITCOIN TRADING LTD./BITRADE LIMITED PH. in selling or convincing people to invest in the investment scheme being offered by said entity including solicitations and recruitment through the internet may be prosecuted and held criminally liable under Section 28 of the SRC and penalized with a maximum fine of Five Million pesos (P5,000,000.00) or penalty of Twenty-one (21) years of imprisonment or both pursuant to Section 73 of the SRC.
Also, those who invite or recruit others to join or invest in such venture or offer investment contracts or securities to the public may incur criminally liability, or otherwise be sanctioned or penalized accordingly as held by the Supreme Court in the case of Securities and Exchange Commission vs. Oudine Santos (G.R. No. 195542, 19 March 2014).
Furthermore, the names of all those involved will be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be correspondingly assessed.
The public is advised NOT TO INVEST or STOP INVESTING in any investment scheme being offered by any individual or group of persons allegedly for or on behalf of BITRADE/BITRADE LIMITED PH. and to exercise caution in dealing with any individuals or group of persons soliciting investments for and on behalf of it.
Should you have any information regarding the operation of the subject entity, please call the Enforcement and Investor Protection Department at telephone numbers (02) 8818-6047 or send your report to the EIPD at firstname.lastname@example.org.
For the guidance of the public.
30 March 2020.