June 26, 2019 – Having kicked off 2019 at just $3,700, Bitcoin has proven that it is a force to be reckoned with by nearly tripling its price to over $12,000 in just six months. Unfortunately, this rise has not gone unnoticed by scammers and fraudsters, and similar to previous years, the most likely victims will be low-income wage-earners who do not have the time to do their homework.
Typically these scams come in the form of investment schemes that promise to grow your money passively by some massive multiplier in a very short period of time. The Philippines Securities and Exchange Commission maintains a long list of these scams and advises the public to avoid them, but these lists are unfortunately hard to find and even harder to keep track of.
As of June 26th, 2019, the following investment schemes have been deemed to be fraudulent by the SEC. All of these schemes will either accept cryptocurrency or use cryptocurrency as their engine, but make no mistake: none of these companies are going to make you rich and will very likely run away with your money.
- ADA FARM AGRI VENTURE
- All Pal for All Seasons
- BCC/BCC COSMETICS TRADING
- BCT MARKETING/BCT MOTORCYCLE AND CAR TRADING
- CMT (Coins and Mining Trading)
- COOPHUB MULTIMEDIA SERVICES
- CROWD ROYALS
- CRYPTO EXPERT INC.
- DIAMOND MARKETING
- Digital Coin Trading
- Digital Currency Co. Ltd.
- FUSION MARKETING
- GLOBAL DREAM ZION
- IronTrading (Team Bangon)
- JOGLE INNOVATIVE MARKETING
- KAPA COMMUNITY MINISTRY INTERNATIONAL, INC.
- Lucky Coins
- MGA BUSINESS ENTERPRISES
- Miner’s Investment Group
- NERMIE MARKETING/NERMIE HEALTH AND BEAUTY PRODUCTS TRADING
- Onecash Trading
- PAYSBOOK E-COMMERCE SYSTEM CO. LTD
- PSO (PSOPOWER Apps)
- PUREWEALTH EBC CORPORATION
- RTM/RTM PHARMACY AND GENERAL MERCHANDISE
- Smart Capital
- UNLISHOP COMPENSATION PLAN MARKETING
Only Buy from Reputable Sellers
If you want to buy cryptocurrency in the Philippines, there are enough registered and licensed trading firms out there that you would never have to resort to buying from strangers on Facebook. Whether you buy from a BloomX location, which currently has 12 outlets around the country, or online through Coins.ph, the key thing to remember is that safety should be your primary concern.
Cryptocurrencies can be a bit tough on beginners, and fraudsters are always going to try to take advantage of the general public’s lack of knowledge. Your first step to making an investment in Bitcoin should be to do your own homework, and to get advice from people who have been around since the early days.
This article first appeared on BitPinas: Bitcoin Has Tripled in Value in 2019, and There Are More Scams Than Ever