The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on DAILY PASSIVE BTC 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 entity, its representatives or any entities engaged in schemes which promises ridiculous rates of return with little or no risks.
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.
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The public is hereby warned concerning the investment taking activities of DAILY PASSIVE BTC LTD (Daily Passive, for brevity).
The Securities and Exchange Commission has received reports that operators of BITRADE/BITRADE BITCOIN TRADING LTD./BITRADE LIMITED PH1 (Bitrade)* are now using the name DAILY PASSIVE BTC LTD to continue its illegal investment-taking activities.
As posted in their Facebook account by certain individuals, the scheme used by the company to entice the public to invest online or through the internet are as follows:
- Choose any of the following packages ranging from Php1,000.00 (Bronze) to Php100,000 (Premium).
- Pay the amount of chosen package
- Send proof of payment/receipt
- Register
- Start encoding
Below are the other/additional ways to earn available to all packages except for Bronze:
- Direct Referral Bonus – The recruiter is entitled to 10% commission of his/her direct invite’s chosen package; and 10% commission if the direct invite renews or upgrade his/her account; and
- Pass Up Bonus – The recruiter is entitled to 50% of his/her direct invite’s income in captcha typing.
Therefore, based on its representations, the company is offering guaranteed returns of 40% per month ON TOP of the aforementioned other/additional ways to earn.
Per verification, DAILY PASSIVE is inviting people to invest exactly under the same scheme used by Bitrade. DAILY PASSIVE BTC LTD is not registered either as a corporation or partnership with the Commission. 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 the offering of DAILY PASSIVE in selling or convincing people to invest in the investment scheme being offered by said entities 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 (Php5,000,000.00) or penalty of Twenty-one (21) years of imprisonment or both pursuant to Section 73 of the SRC.
Also, those who invite or recruit to join or invest in the venture or offer investment contracts or securities to the public may be held criminally liable or accordingly sanctioned or penalized, in accordance with the Supreme Court decision in the case of SEC vs. Oudine Santos (G.R. No. 195542, March 19, 2014).
The Bayanihan to Heal as One Act (Republic Act No. 11469) also punishes those participating in cyber incidents that make use or take advantage of the current crisis situation to prey on the public through scams, phishing, fraudulent emails, or other similar acts.
In view thereof, the public is hereby advised to STOP INVESTING and exercise self-restraint from investing their money into such high- yield risk investment scheme and to take the necessary precautions in dealing with the above-named entity.
Should you have any information regarding the operation of the said entity, please call the Enforcement and Investor Protection Department at telephone number (02) 8818- 6047 or send your report to the EIPD at epd@sec.gov.ph.
For the guidance of the public.
Pasay City, 18 June 2020.
*Subject of SEC Advisory posted at the SEC website on 31 March 2020. (http://www.sec.gov.ph/wpcontent/uploads/2020/03/2020Advisory_BITRADE_BITRADE-BITCOIN-TRADING-LTD_BITRADE-LIMITED-PH.pdf)
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