TOP > News > SEC Advisory Against Bitrade Scam/Bitrade Bitcoin Trading Ltd/Bitrade Limited PH
April 3, 2020 Published

SEC warned than any salesmen, broker, dealer, or agents acting on behalf of Bitrade will be held criminally liable.

The Philippines Securities and Exchange Commission (SEC) issued an advisory against Bitrade/Bitrade Bitcoin Trading Ltd./Bitrade Limited PH for soliciting investments from the public.

The Commission found out that Bitrade is offering for sale different packages for guaranteed returns of 20% per 15 days up to 40% per month.

Here are the packages offered:

  • Silver:
    • Fee of 3,000
    • 15 captchas per day
    • 2.66 per captcha
    • Php 600 fixed income for 15 days
    • Php 1,200 fixed income for 30 days
    • Minimum payout of Php 500 (you can withdraw money and this is the minimum payout)
  • Gold
    • Fee of Php 5,000
    • 20 captchas per day
    • 3.33 per captcha
    • Php 1,000 fixed income for 15 days
    • Php 2,000 fixed income for 30 days
    • Minimum payout of Php 550
  • Platinum
    • Fee of 10,000
    • 25 captchas per day
    • 5.33 per captcha
    • Php 2,000 fixed income for 15 days
    • Php 4,000 fixed income for 30 days
    • Minimum payout of Php 550
  • Diamond
    • Fee of Php 50,000
    • 50 captchas per day
    • Php 13.33 per captcha
    • Php 10,000 fixed income for 15 days
    • Php 20,000 fixed income for 30 days
    • Minimum payout of Php 550
  • Premium
    • Fee of Php 100,000
    • 75 captchas per day
    • Php 17.77 per captcha
    • Php 20,000 fixed income for 15 days
    • Php 40,000 fixed income for 30 days
    • Minimum payout of Php 550

There also these bonuses such as 10% onetime commission payment upon chosen package and 10% commission on renewal of availed package.

SEC interviewed people and found out that incoming members are asked to register at a certain website, input their email addresses, then choose heir package, then receive passive income just by typing captchas every day.

SEC said Bitrade is not registered as a corporation or partnership in the Philippines. Furthermore, it is not authorized to solicit investments from the public. Such undertaking requires a secondary license from the SEC. Naturally, Bitrade will not get this because they don’t have the first license (the license to operate) in the first place.

SEC warned than any salesmen, broker, dealer, or agents acting on behalf of Bitrade will be held criminally liable. They may be prosecuted and penalized with a maximum fine of Php 5 million or 21 years of imprisonment.

The SEC recently issued a cease and desist order against the people running the “Bitcoin Revolution Scam“. Bitcoin Revolution claims to have a software that allows people to be successful in their bitcoin trading 85% of the time.

Read the SEC Advisory here.

This article is published on BitPinas: SEC Advisory Against Bitrade Scam/Bitrade Bitcoin Trading Ltd/Bitrade Limited PH


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