SEC Issues Advisory vs Unlicensed Pecado – Ashtree Block Ventures
The Commission cited the reports and information compiled, noting that PECADO, led by President Eliseo Jojo Prisno, is enticing the public to invest in the platform’s digital assets.
The Commission cited the reports and information compiled, noting that PECADO, led by President Eliseo Jojo Prisno, is enticing the public to invest in the platform’s digital assets.
The following entities are enticing the public to invest without the necessary registration requirements from the SEC.
Those who will act as salesmen, brokers, dealers or agents, representatives, promoters, uplines, recruiters, influencers, endorsers, and enablers of Solace PH. — SEC
The SEC Commissioner also clarified whether the period will be extended, as well as the status of other unregistered exchanges, on whether they will be blocked as well by the NTC.
The SEC tagged OctaFX, Binance, Kito-Kiko Variety Shop, and House of Forex for operating in the country without proper licenses.
The Digital Asset Security Service Provider Rules of the SEC will be different from the Virtual Asset Service Provider Rules of the BSP.
“But as a lawyer, I feel obliged to echo the advisory of SEC. And it should not matter whether it is a cease-and-desist order, the advisory is clear and we should take heed of that.”
Learn about the diverse reactions within the Filipino crypto community to recent SEC warnings on Binance’s unauthorized activities in the Philippines.
This move comes just after the SEC recently said it will start naming unlicensed exchanges in its advisories going forward, as well as working with the National Telecommunications Commission (NTC) to block access to the exchanges’ websites.
This initiative is part of the SEC’s broader strategy to safeguard investors from potential risks associated with unregulated digital asset platforms.