SEC Halts Platinum Coin Pawnshop’s Illegal Investment Scheme
SEC issues cease and desist order against Platinum Coin Pawnshop for operating an illegal investment scheme in the Philippines.
SEC issues cease and desist order against Platinum Coin Pawnshop for operating an illegal investment scheme in the Philippines.
The Anti-Red Tape Authority of the Philippines has rejected LYKA’s request to be automatically approved registration in the country.
The SEC has halted the two entities for enticing the public into an investment solicitation, which the law requires to be licensed.
A SEC Commissioner confirmed that they have had the regulatory framework for crypto since last year, but delayed it due to FTX collapse.
Platinum Coin is reportedly enticing the public with low investment fees and promising high returns, commissions, passive income, and cash gifts.
The firm is branding itself as a crypto-related investment platform that offers 12% to 36% return within 3 to 6 months, but the SEC notes that it is not registered.
The SEC has noted that Winvest is not registered with the Commission and is not authorized to solicit investments from the public.
The Securities and Exchange Commission (SEC) has flagged WebMining for its illegal investment scheme in the country.
SEC said the draft crypto rules requires comments and suggestions from the public before they released the final IRR.
The collaboration will conduct joint research and capacity-building projects focusing on cryptocurrency and financial technology regulation.