The Securities and Exchange Commission (SEC) has issued separate cease-and-desist orders (CDOs) against Riscoin and BG Wealth Sharing Ltd., directing both entities to stop allegedly soliciting investments from the public without the required regulatory approvals.
In an order dated May 14, the SEC’s Enforcement and Investor Protection Department (EIPD) ordered Riscoin and its related entities to immediately cease their online activities connected to an investment scheme that allegedly involved cryptocurrency copy trading.
The order also covered Riscoin Exchange, Riscoin Trading, League of Seagull Ltd., Seagull Alliance, and their officers, agents, and representatives.
The SEC said Riscoin allegedly required investors to place funds in its websites and follow trading signals from so-called “crypto managers” who purportedly generated “unusually high and guaranteed daily returns from cryptocurrency trading.”
The regulator said its investigation found that Riscoin is not registered with the SEC as a corporation or partnership, does not have a secondary license to sell securities, and has not registered any securities with the Commission. It also allegedly lacks authorization to operate as a crypto-asset service provider.
The SEC further ordered the freezing of transactions involving the entities’ bank accounts and assets to preserve funds for investors.
The agency noted that Riscoin continued to solicit investments despite SEC advisories issued in February 2026 warning the public about its activities.
In a separate action, the SEC issued a CDO dated May 20 against BG Wealth Sharing Ltd. and its founder, Stephen Beard, for allegedly offering unregistered securities through a cryptocurrency copy-trading scheme.
According to the SEC, BG Wealth promoted investment packages, particularly to overseas Filipino workers, promising a daily return of 1.3% on a minimum investment of $500 (around P30,000) through the DSJ Exchange trading platform.
The commission said BG Wealth is neither registered as a corporation or partnership nor licensed to sell securities in the Philippines. It added that the company had continued promoting its investment scheme on social media despite an SEC advisory issued in January 2026.
Citing the Securities Regulation Code and the Financial Products and Services Consumer Protection Act, the SEC said the unauthorized sale of securities and deceptive solicitation of investments constitute violations of Philippine law.
“The act of [Riscoin] through their leaders and/or its agents in selling/offering unregistered securities operates as a fraud to the public which, if unrestrained, will likely cause grave injury or prejudice to the investing public,” the SEC said in its order.
