The Philippines’ Securities and Exchange Commission (SEC) reiterates its advisory against YEHEEY’s officers, members, and employees after the said company released new promotional materials saying that Yeheey has been cleared by the commission.
The corporate regulators received information that the officers, members, and employees of Yeheey Itraffic System Inc. are posting images on Facebook with the SEC’s flag/logo and selfies at its Function Room. Along with the pictures, the YEHEEY team is conveying that the company is now clear of the commission’s advisory against it.
According to the commission, the company’s “mere appearance at the SEC Office is not equivalent to the lifting of the Advisory issued against YEHEEY”. It reiterated that its official Advisory “remains valid and still in effect” as the commission did not find sufficient justification to lift it.
It also cleared that even though YEHEEY is registered as a corporation, it is “not authorized to solicit investments from the public” as per the Securities and Regulations Code (SRC).
The commission also required YEHEEY’s agent, salesman, investment solicitor, and such on behalf of YEHEEY to get the necessary license from SEC.
It also didn’t forget to remind the public that any public offering or solicitation in the country without any license or permit from SEC is prohibited by law and may be punishable by imprisonment and/or a fine.
Yeheey’s investment scheme involves the following:
- sign up bonuses
- sponsoring bonus – every recruited member earns the recruiter some reward
- infinity cycle bonus – every match pair nets the recruiter a bonus
- global profit shares – every Php 50,000.00 earnings of a member is equivalent to one share.
The Securities and Exchange Commission Philippines’ recently released its draft rules on Initial Coin Offering (ICO) during the start of August 2018. The draft rules included clear definitions of ICOs, tokens, and fiat. Aside from giving its clear definition, the draft rules also classified the tokens into Asset Tokens, Payment Tokens, Security Tokens, and Utility Tokens.
Aside from the Philippines’ SEC, the Bangko Sentral ng Pilipinas (BSP) is also closely watching the blockchain and cryptocurrency space in the country. It formed a blockchain and fintech unit in order to oversee and regulate the institutions involved.