SEC Warns Public Vs Investment Scheme ‘Digicoin Markets’

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By Hans Doringo

In an advisory, the Securities and Exchange Commission (SEC) warned the public against Digicoin Markets International PH, an entity engaged in unauthorized investments schemes, promising lucrative returns.

Digicoin Markets International PH, otherwise known as Digicoin Markets, offers investment plans wherein clients are enticed to invest an amount starting from $20 or Php1,000.00 up to $20,000 or Php1,000,000 with returns on investment of 150%, 180%, or 210% for 30 days, which is equivalent to 5%, 6% or 7% daily interest, respectively.

In addition, people are also promised to earn extra income for their referrals, as part of the entity’s referral project called Affiliate Program, according to SEC.

In accordance with Section 8 of the Securities Regulation Code (SRC), the agency stressed that Digicoin Markets, which aims to provide “profitable cryptocurrency trading”, is not authorized to solicit investments from the public since it did not register and secure a license to solicit from the commission.

“Digicoin Markets or Digicoin Markets International PH is not a registered Virtual Asset Service Provider (VASP) with the Bangko Sentral ng Pilipinas and does not have a corresponding Certificate of Authority as a Money Service Business, as required under Circular No. 1108, Series of 2021 or the Guidelines for Virtual Asset Service Providers,” SEC stated, in contrary to how Digicoin Market introduced itself as a “legal platform for digital asset management.”

In this regard, SEC advised the public “not to invest or stop investing in any investment scheme being offered by any individual or group of persons allegedly for or on behalf Digicoin Markets or Digicoin Markets International PH”. (Read More: SEC Urges Public to be Smart Investors, Celebrates IOSCO World Investors Week)

The commission pledged that all names involved, including salesmen, brokers, dealers, or agents that are proven to have sold or convinced people to invest in the scheme through the internet, will be held criminally liable and penalized with a maximum fine of Php5,000,000.00 or imprisonment of 21 years, pursuant to Section 28 and Section 73 of the SRC.

Moreover, the said names will also be reported to the Bureau of Internal Revenue (BIR) for the assessment of appropriate penalties and taxes to be charged.

SEC also reiterates its call to “exercise caution” in transacting with any organization soliciting investments for and on behalf of it.

Recently, the SEC also warned the public against investing in Pogi Breeds International, a group of individuals that plays play-to-earn game Axie Infinity through soliciting investments from the public.

This article is published on BitPinas: SEC Warns Public Vs Investment Scheme ‘Digicoin Markets’

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