The Philippine regulator warned about the risks of working with the Peak Finance crypto project

Article Reading Time:
1 min.

Securities and Exchange CommissionPhilippines (SEC) announced that Peak Finance Consultancy Services has not received permission to provide investment products and advisory services.

The platform is not registered with the SEC and does not haveno licenses to operate in the Philippines. The financial regulator advised investors to stop investing in the project and remain cautious when interacting with representatives of Peak Finance.

Peak Finance presents itself asan investment platform that guarantees profit up to 500% per annum from the initial investment in bitcoins and other digital assets. The company promises 120% profit from deposits in cryptocurrencies, blocked by the platform for six months.

The SEC said it would release data on individualsrelated to the platform, to the tax service to conduct checks for tax evasion and impose appropriate fines. Additionally, the SEC asked people who invested in Peak Finance to forward any information about the platform to the Enforcement and Investor Protection Division (EIPD).

The agency announced that persons promotingunregistered and unlicensed entities may be subject to criminal prosecution for violating securities regulatory laws. These organizations include agents, sellers, dealers and brokers dealing in foreign currencies and crypto assets. Violators face a maximum fine of 5 million Philippine pesos (about $88.9) or 21 years in prison.

From September 1, the Central Bank of the Philippineswill suspend applications for a virtual asset service provider (VASP) license for three years. This is due to the fact that the regulator considers VASP a threat to the financial stability of the country.