The Securities and Exchange Commission (SEC) has recently issued an advisory (as seen below) on BITACCELERATE / BITACCELERATEPROJECT.COM / BA / BITACCELERATOR, 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.
Based on reports and information gathered by the Commission, an entity operating under the names BITACCELERATE / BITACCELERATEPROJECT.COM / BA / BITACCELERATOR., is found to be engaged in investment-taking activities in the Philippines which is NOT AUTHORIZED by the Commission.
BITACCELERATE / BITACCELERATEPROJECT.COM / BA / BITACCELERATOR claims to be designed as a Crowdfunding International Platform or based on cryptocurrency blockchain technology which allegedly provides a long-term active and passive income to investors through its crowdfunding referral system.
As posted online in the Philippines, BITACCELERATE / BITACCELERATEPROJECT.COM / BA /BITACCELERATOR claims that an investor can earn a maximum passive income of 350%potential profit of his total investments or 2% to 8% daily profit.
Basically, the active income generated from the foregoing compensation plans depends on the number of referrals and/or membership fees gathered. Hence, the more people that will be referred to BITACCELERATE / BITACCELERATEPROJECT.COM / BA / BITACCELERATOR system, the more likely that its members will earn income thereto either actively or passively which ultimately defeats its claim of sustainability because its whole system depends entirely on the new investors that will be lured in.
A prospective investor shall be asked to download the “telegram” app, once downloaded they will be asked of their investments which will be entered into the BITACCELERATE / BITACCELERATEPROJECT.COM / BA / BITACCELERATOR Bot in Telegram.
Based on the foregoing, BITACCELERATE /BITACCELERATEPROJECT.COM / BA / BITACCELERATOR so-called smart contract partakes of the nature of securities through an investment contract where their investors need not exert any effort other than to invest or place money in its scheme in order to earn profit.
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.
However, based on our records, BITACCELERATE / BITACCELERATEPROJECT.COM / BA / BITACCELERATOR is NOT REGISTERED with the Commission 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).
BITACCELERATE / BITACCELERATEPROJECT.COM / BA / BITACCELERATOR is also NOT INCLUDED among the registered banks, exchanges or companies engaged in digital assets with the Bangko Sentral ng Pilipinas (BSP) as well in accordance with the GUIDELINES FOR VIRTUAL CURRENCY EXCHANGES (BSP CIRCULAR NO. 944).
Accordingly, the public is advised NOT TO INVEST or STOP INVESTING in any scheme offered by BITACCELERATE / BITACCELERATEPROJECT.COM / BA / BITACCELERATOR or any other entities using the same scheme in digital asset trading which promises ridiculous rates of return with little or no risk.
Once more, the public is reminded that cryptocurrencies are very volatile in nature and that the process of digital asset trading is highly speculative and involves a higher degree of risk. Hence, any promise of fixed rate of lucrative return is truly ambiguous.
Therefore, the public must remain vigilant especially during this Covid 19 Pandemic before investing their hard-earned monies on doubtful entities such as BITACCELERATE / BITACCELERATEPROJECT.COM / BA / BITACCELERATOR.
Nevertheless, the Commission assures the public that it will continuously monitor and oversee such entities and their activities in a way that it sees as proper in order to prevent the proliferation of their unauthorized and/or illegal operations in the country.
As always, the Commission warns all unscrupulous individuals and/or entities that strict penalties are imposed for violations of the Securities Regulation Code, the Revised Corporation Code, and such other rules and regulation enforced by the Commission.
Those who act as salesmen, brokers, dealers or agents of such unauthorized entities in selling or convincing people to invest in their investment scheme offered including solicitations and recruitment through the internet may likewise be criminally prosecuted and penalized with a maximum fine of Five Million pesos (P5,000,000.00) or a penalty of Twenty-one (21) years of imprisonment or both pursuant to Sections 28 and73 of the SRC.
In the same manner, 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 SEC 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 assessed correspondingly.
It must be noted that the above laws are not aimed to hinder or pose significant threats or risks to businesses and cryptocurrency projects but are intended for the protection of both the registered entities and the investing public from any anomalies and/or irregularities which tend to result from any unlawful or unauthorized operations.
Should you have any information regarding any investment solicitation activity by any individual or group of individuals representing BITACCELERATE / BITACCELERATEPROJECT.COM / BA / BITACCELERATOR, please send your report to the Enforcement and Investor Protection Department at firstname.lastname@example.org.
For the guidance of the public.
Pasay City, 09February 2021