December 8, 2023

Philippine regulator warns about the risks of investing in the Cryptogix project

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Philippine regulator warns about the risks of investing in the Cryptogix project

Securities and Exchange Commission (SEC) The Philippines warned the public against investing in the Cryptogix cryptocurrency project and warned about the risks of investing in digital assets.

SEC of the Philippines cited Sophia companiesFransico Holding OPC, Financial Consultancy Services Sophia-Francisco Trading and Sophia Francisco Trading, which are directly associated with the Cryptogix startup. The regulator claims that the organizers of this project used social networks to find investors, promising them a 100% return on their investment in 90 days. For attracting referrals, users were given an additional bonus in the amount of 5% of the deposit amount.

The Commission stated that the services offeredCryptogix are considered investment products, so they must be registered with the department. Due to the lack of license and registration, Cryptogix's offering violates applicable Philippine securities laws and the creators of Cryptogix are not authorized to solicit investment from the public.

Similar warning FilipinoThe regulator also published regarding the companies Crypto Marketers/Crypto Marketers Worldwide, offering a daily income of 2% of the amount of invested USDT. The SEC warned that those who persuade people to invest money in illegal investment schemes could face criminal charges and up to 21 years in prison.

Last month, the Philippines SEC warnedlocal residents about the Lodi Coins cryptocurrency scheme, which guarantees tenfold profits. In August, the regulator announced that the cryptocurrency platform Peak Finance Consultancy Services did not have a license.