The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on BITCOIN REVOLUTION, 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, the entity operating under the name BITCOIN REVOLUTION which primarily does business in Australia and Europe is also engaged in investment-taking activities in the Philippines which is NOT AUTHORIZED by the Commission.
Apparently, BITCOIN REVOLUTION promotes its investment scheme through the use of fake celebrity endorsements on social media websites and other platforms.
As posted online, BITCOIN REVOLUTION claims that for a minimum investment of Two Hundred Fifty Dollars ($250.00), investors can earn as much as One Thousand Dollars ($1,000.00) or Three Hundred Percent (300%) per day or a total of Nine Thousand Percent (9,000%) per month.
BITCOIN REVOLUTION asserts that its software enables anyone to trade Bitcoins and other cryptocurrencies easily with a success rate ranging between Eighty-Eight Percent (88%) to Ninety-Five Percent (95%) per transaction which makes the profit potential limitless making some of its investors millionaires in just Sixty-One (61) days.
BITCOIN REVOLUTION added that its software is designed to eliminate the need to spend hours analyzing the markets as the program will do all the work for the investors. All they need to do is to sit back and watch their profits grow.
Accordingly, the scheme of BITCOIN REVOLUTION is relative to the offering and sale of securities, in the form of investment contracts, to the public because its investors need not exert any effort other than to invest or place monies in the said company in order to derive income.
As such, Section 8 of the Securities Regulation Code (SRC) requires that said offer and sale of securities must be duly registered with the Commission and that the concerned corporation and/or its agents have appropriate registration and/or license to sell such securities to the public.
Per record of the Commission, BITCOIN REVOLUTION is NOT REGISTERED as a corporation or partnership and is NOT AUTHORIZED to solicit, accept or take investments/placements from the public nor to issue investment contracts and other forms of securities defined under Section 3 of the Securities Regulation Code (SRC) because it does not have a secondary license from the Commission to solicit investments or other securities from the public for whatever purpose as provided under Sections 8 and 28 of the SRC.
Records also show that BITCOIN REVOLUTION DO NOT APPEAR among the registered banks, exchanges or companies engaged in digital assets with the Bangko Sentral ng Pilipinas (BSP) in accordance with the GUIDELINES FOR VIRTUAL CURRENCY EXCHANGES (BSP CIRCULAR NO. 944) which requires all entities engaged in Virtual Currencies in the Philippines to obtain a Certificate of Registration to operate as remittance and/or transfer company pursuant to the BSP rules and regulations.
Again, it must be emphasized that any unauthorized dealings involving digital assets lacks consumer protection because these are not covered by prudential and market conduct requirements applicable to licensed and authorized activities.
Hence, the Commission is constantly monitoring and overseeing the matter in a way that it sees as proper in order to ensure the stability of our financial sector and to prevent any unauthorized investment taking activities and/or Ponzi schemes in the country.
The public must be aware that the digital asset market is highly volatile and unstable. Thus, investing with Bitcoin and other cryptocurrencies involves many risks, and are not always a guarantee. This is the reason why many are lured in investing with BITCOIN REVOLUTION and other entities which offers similar tools or trading software.
The public is advised NOT TO INVEST or STOP INVESTING in any scheme offered by BITCOIN REVOLUTION or any other entities engaged in digital asset trading which promises ridiculous rates of return with little or no risk.
In addition, those who act as salesmen, brokers, dealers or agents of BITCOIN REVOLUTION in selling or convincing people to invest in the investment scheme being offered by these entities including solicitations and recruitment through the internet may likewise 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).
The names of all those involved will also be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be correspondingly assessed.
Should you have any information regarding any investment solicitation activity by any individual or group of individuals representing BITCOIN REVOLUTION, please call the Enforcement and Investor Protection Department (EIPD) at telephone number (02) 8818-6047 or send your report to the EIPD at email@example.com.
For the guidance of the public.
Pasay City, 30 March 2020.