The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on BTXTRADERS.COM, 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.
The Securities and Exchange Commission (“Commission”) has received information that individuals or group of persons representing “BTXTRADERS.COM” are enticing the public to invest their money in the said entity with the promise of high monetary rewards or profits by promoting 1) “BITCOIN” 2) “NON-FARM PAYROLL” and 3) “NFP INVESTMENT GROUP” through the website: https://btxtraders.com/home/
Examination of the abovementioned website showed that its business address is at 2815 George Dieter Dr. El Paso, TX 79936 USA.
Based on information gathered by the Commission, just by investing in BTXTRADERS.com in an amount ranging from Php1,000.00 up to Php1,000,000.00 or $100 up to $90,000 members are shall earn a promised daily rate of return ranging from 3.5% to 25%. To entice prospective clients, agents of BTXTRADERS.com offered for a limited time, an NFP INVESTMENT special promo -- “a pooled investment funds in US dollars that would generate a 25% daily profit.”
These individuals/agents make representations of the following activities:
1. Mining bitcoin;
3. Bitcoin Faucets;
4. Bitcoin Trading;
5. Lending Bitcoin;
6. Binary Trading with Bitcoin; and
7. Make Money with Bitcoin affiliates.
Per records, “BTXTRADERS.COM” is not registered as a corporation or partnership with the Commission and has NO SECONDARY LICENSE to solicit, accept or take investments/placements from the public nor to issue investment contracts and other forms of securities as defined under Section 3 of the Securities Regulation Code (SRC).
The public is hereby WARNED that such investment schemes are considered as securities subject to the regulatory authority of this Commission. The offering and selling of securities to the public without a permit or license is a violation of Section 8.1. of the Securities Regulation Code.
Thus, the public is advised NOT TO INVEST or STOP INVESTING in any scheme offered by any individuals/agents/entities representing to be agents of BTXTRADERS.COM or its affiliates who are engaged in similar activities or initial coin offerings and digital asset trading which are not compliant with the BSP and the
The Commission reiterates that the public must be wary that any promise of ridiculous rates of return with little or no risks is an indication of a Ponzi Scheme where monies from new investors are used in paying fake “profits” to earlier investors. Also, any promise that defies the normal financial logic is surely unreliable and sketchy. It must be clear that entities engaged in such activities likely tend to disappear shortly to the prejudice of their stakeholders.
Accordingly, those who invite or recruit other people to join or invest in this venture or offer investment contracts or securities to the public may be held criminally liable under Section 28 of the SRC penalized with a maximum fine of Five Million Pesos (P 5,000,000.00) or imprisonment of Twenty One (21) years or both pursuant to Section
73 of the SRC (SEC vs. Oudine Santos G.R. No. 195542, 19 March 2014).
Everyone is reminded that aside from the strict penalties imposed by the Commission for violations of the Securities Regulation Code, the Revised Corporation Code, and such other rules and regulations it enforces, 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.
Should you have any information regarding the operation of the individuals/ agents working under BTXTRADERS.COM, please send your report to the Enforcement and Investor Protection Department at firstname.lastname@example.org.
For the guidance of the public.
Pasay City, 07 July 2020.