TOP > News > Philippines SEC Advisory Against Cryptec by Point Place LTD
April 13, 2020 Updated

SEC said “trading bonus system” is a favorite tool of scammers because it prevents the investor from withdrawing the investments until certain conditions are met.

April 14, 2020 – The Philippines’ Securities and Exchange Commission (SEC) advises the public to not invest or stop investing in any scheme offered by Cryptec and Point Place Ltd, a non-licensed offshore cryptocurrency broker outside the Philippines.

SEC said Cryptec by Point Place, LTD. is from the Commonwealth of Dominica and currently engaging in investment-taking activities not licensed by the Commission in the Philippines. It offers a number of account types with compensation packages:

Cryptec Account Types:

  • Basic
    • 1 – 10 Leverage
    • Account Manager
    • 50% Bonus
    • Crypto Trading
    • Platform Walkthrough
    • $250 – $10,000
  • Silver
    • 1 – 20 Leverage
    • Senior Account Manager
    • 75% Bonus
    • Crypto Trading
    • Technical Education
    • $10,000 – $25,000
  • Gold
    • 1 – 30 Leverage
    • Executive Account Manager
    • 100% Bonus
    • Daily Trades
    • Technical and Fundamental Education
    • $25,000 tp $50,000
  • VIP
    • 1 – 40 Leverage
    • VIP Acc Manager
    • 150% Bonus
    • Daily Trades
    • Technical & Fundamental Education
    • $50,000 – $500,000
  • Black Diamond
    • 1 – 40 Leverage
    • BDG Acc Manager
    • 150% Bonus
    • All periods
    • Technical & Fundamental Education
    • $500,000 & Above

SEC said Cryptec is offering 50 – 150% Trading Bonus Income. SEC said in the press release that this is “more than enough considering the volatility of cryptocurrencies”.

SEC said “trading bonus system” is a favorite tool of scammers because it prevents the investor from withdrawing the investments until certain conditions are met, such as constant minimum trade volume, payment of withdrawal fees etc., which are not usually enforced by legitimate brokers.

SEC also said that Cryptec’s account managers will frequently and persistently converse with the investors online to continually solicit biggest investments in exchange for higher returns.

SEC said Cryptec’s scheme is an offering and sale of securities in the form of investment contracts to the public. Such offers and sales must have appropriate registration first with the SEC as required by the Securities Regulation Code.

However, Cryptec is not registered as a corporation or partnership with the SEC and also does not have the secondary license to solicit investments from the public.

SEC also said Cryptec is not in the list of virtual currency exchange currently licensed by the Bangko Sentral ng Pilipinas (BSP).

Cryptec and people acting on their behalf in the Philippines is in violation of the Securities Regulation Code (SRC) and the recently passed “Bayanihan to Heal as One Act” which punishes those participating in cyber incidents that make use or take advantage of the current public health crisis to prey on the public through scams, phishing, fraudulent emails, and other similar acts.

SEC said the names of those involved will be reported to the Bureau of Internal Revenue.

Read the entire SEC Advisory here.

This article is published on BitPinas: Philippines SEC Advisory Against Cryptec by Point Place LTD

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