SEC Issues Warning Against Unlicensed Crypto Firm SparkFX Bitcore
The SEC warns against its unregistered status and advises caution to potential investors.
The Securities and Exchange Commission (SEC) has issued a warning regarding the activities of individuals or groups claiming to represent SparkFX Bitcore. The entity is noted to offer investments utilizing cryptocurrencies.
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SEC Advisory vs SparkFX Bitcore
According to reports gathered by the Commission, the firm uses social media platforms to entice the public to invest in their purported cryptocurrency trading, investing, and mining services.
The April 2 advisory highlighted that SparkFX Bitcore claims to offer easy and safe cryptocurrency trading, supporting various digital currencies like the leading crypto, Bitcoin. The company assures rapid earnings in three steps: sign up with an email address, select a package, deposit, and begin earning profits without document verification.
The scheme offers three types of trading plans: the Commercial Plan, allowing investments as low as $200 to earn $2,000 within a six-hour duration; the Premium Plan, where investments as low as $1,000 can yield $10,000 in 12 hours; and the Gold Plan, requiring as little as one bitcoin (BTC) to earn 10 BTC over a seven-day duration. Investors are advised to exercise caution and conduct thorough research before participating in such schemes.
Accordingly, the commission warns the public about the investment scheme highlighting that it constitutes an “investment contract,” falling under securities regulations. The Securities Regulation Code (SRC) mandates that securities offers must be registered with the commission, and entities involved must possess the appropriate licenses.
The SEC reiterated that SparkFX Bitcore is not registered and operates without the necessary authorization to solicit investments from the public. The public is advised against investing or continuing investments with the entity and its representatives.
Recent SEC News
Recently, the SEC mourned the sudden loss of Commissioner Hubert Dominic B. Guevara, who passed away at 56 after suffering a cardiac arrest. Appointed on March 1, Guevara’s tenure was abruptly cut short when he died on March 29, 2024, following a brief hospital stay. Before his untimely passing, Commissioner Guevara had commenced his role with plans to strengthen the regulatory landscape of the Philippines’ capital market.
On the other hand, Department of Finance (DOF) Secretary Ralph Recto announced that it is working with the SEC to develop comprehensive guidelines for regulating cryptocurrency registration and trading. The collaboration aims to create a regulatory framework that fosters the growth of the capital market.
Prior to this, the Commission En Banc sanctioned the submission of SEC’s formal request to the National Telecommunications Commission (NTC) for aid in blocking Binance’s website and associated web pages. The crypto exchange was noted for offering an investment and trading platform without the necessary license from the Commission. In February, similar measures were made against other unlicensed platforms like OctaFX and MiTrade.
This article is published on BitPinas: SEC Issues Warning Against Unlicensed Crypto Firm SparkFX Bitcore
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