The SEC named the firms as CryptoInvestWith.Us (CIW.U), Won Project/ Won Network/ Won Foundation, and Captcha Philippines, which have neither registered securities such as investment contracts nor secured secondary licenses to solicit and take investments from the public.
The operators of the lending apps employed abusive collection practices, which constituted unfair debt collection practices expressly prohibited under an SEC Memorandum Circular.
The Securities and Exchange Commission (SEC) has identified four more unauthorized online investment schemes, including rackets possibly operated by previously flagged groups under new names.
The Securities and Exchange Commission has warned the public against investing in groups promising quick returns supposedly from cryptocurrencies, artificial intelligence (AI) and other technologies.
The Securities and Exchange Commission (SEC) said it has reopened the registration for corporations with less than five incorporators, including one person corporations (OPCs).
In separate advisories dated April 7, the SEC warned the public against investing in Cryptec, CryptoPeso, V2R Trades, Lao Razon Trading and/or Lao Razon Marketing, and Sakto Online Advertising.
In its most recent advisories, the SEC urged the public to stop investing in MAGINVESTKA.ONLINE (MIK.O), which purportedly trades Bitcoin against the US dollar, and Azenzo-Online, which supposedly operates as an independent crowdfunding platform.
The SEC Company Registration System (CRS) allows for the full automation and online pre-processing of the registration of corporations and partnerships, as well as the licensing of foreign corporations.
The SEC has ordered Singapore-headquartered Payasian Corporation to stop enticing the public to invest supposedly in a cryptocurrency called Paya without the necessary license.
The Securities and Exchange Commission (SEC) has issued guidelines allowing corporations to submit their reportorial requirements through email while Luzon and other parts of the country remain under enhanced community quarantine due to the new coronavirus pandemic.
