May 6, 2020 – The Philippines’ Securities and Exchange Commission said it received information that a group representing “Crypto Invest With Us (CIWU)” is enticing the public to invest without the necessary licenses to do so.
SEC said it gathered and investigated reports from Facebook Messenger groups and the official website of “Crypto Invest With Us (CIWU)” and found out it is the new name of Mag Invest Ka Online (MIKO), another group previously flagged by the SEC. However, while MIKO entices people with 2% return, CIWU promises a guaranteed 1% return after 6 days (equivalent to 30% return monthly or 360% per annum).
SEC said this scheme involves the sale of securities in the form of investment contracts to the public. This must first be registered with the Commission before being offered to the public. CIWU doesn’t have such a license to offer securities. It is also not registered as a corporation or partnership.
With that, the SEC advises the public to stop investing in the investment scheme offered by Crypto Invest With Us (CIWU) and its representatives. SEC also discourages anyone to get engaged in investment schemes which promise ridiculous rates of returns.
SEC warned that anyone who acts on behalf of Crypto Invest With Us (CIWU) may be held criminally liable in pursuant to the Securities Regulation Code and the Bayanihan to Heal as One Act. The Commission also said the names of those involved will be reported to the Bureau of Internal Revenue (BIR).
Read the SEC Advisory here.
This article is published on BitPinas: SEC Advisory vs Crypto Invest With Us (CIWU)