The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on BITFINANCEINVESTMENT.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 take extreme precautions in joining or investing in these groups.
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 has received information that individuals or group of persons representing BITFINANCEINVESTMENT.LTD withwebsitehttps://bitfinanceinvestment.ltd/are enticing the public to invest in their company.
Per its website, BITFINANCEINVESTMENT.LTD is a new online platform offering guaranteed, risk-free investments plans purportedly to be invested in cryptocurrency trading, as follows:
As shown above, BITFINANCEINVESTMENT.LTD offers investment plans with a promise of return of at least 20% every 5 hours to as much as 150% every 72 hours + principal depending on the type of “Plan” chosen by the investor.
Further, BITFINANCEINVESTMENT.LTD is offering its investors additional income from its referral program.
The public is hereby warned that such investment schemes are considered as securities subject to the regulatory authority of this Commission. The offering of securities to the public without a permit or license is a violation of Section 8.1 of the Securities Regulation Code.
However, per our records, BITFINANCEINVESTMENT.LTD is NOT REGISTERED with the Commission and OPERATES WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY 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).BITFINANCEINVESTMENT.LTD is also NOT REGISTERED either as a crowdfunding intermediary or a funding portal under SEC Memorandum Circular No.14, Series of 2019 or the Rules and Regulations Governing Crowdfunding.
Likewise, its name DOES 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 transfer company pursuant to the BSP rules and regulations.
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 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).
Violators are further warned that aside from the strict penalties imposed by the Commission for violations of the SRC, the Revised Corporation Code of the Philippines, 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.
In view thereof, the public ishereby advised to exercise caution before investing in these kinds of activities and to take the necessary precautions in dealing with BITFINANCEINVESTMENT.LTD or its representatives. The Commission urges anyone who has knowledge or information about any business transactions involving these securities or investment opportunities to report such activities so that appropriate actions could be taken through the email of the Enforcement and Investor Protection Department at firstname.lastname@example.org.
For the guidance of the public.
Pasay City, 12 August 2020.