Watch out for scams using bitcoin, cryptocurrencies, SEC warns

MANILA - Philippine securities regulators on Monday warned towards the rising variety of scams the usage of bitcoin and cryptocurrencies.

The Securities and alternate commission (SEC) stated that for the reason that October final year, it took movement on four bitcoin or cryptocurrency-associated organizations or transactions.

those include Joseph Calata's KROPS initial coin offering, a Ponzi-scheme-type operation known as Secret2Success, and two on lineonline advertising and marketing clothes (Pluggle Inc and ALifelong) that pay recruits in bitcoins or cryptocurrencies.

"it is alarming now due to the fact it's miles all achieved. there is no office in which we will visit and ask for rationalization," stated SEC Enforcement Director Jose Aquino.

"The complainants who come to us, they say they give money to these corporations just by way of depositing in the bank. those individuals are leveraging era to take your money."

Aquino, however, additionally said they were careful approximately freeing advisories on such operations due to the fact they don't want to appear opposed to new tendencies like fintech or economic era .

The SEC stated it's miles drawing up on-line for cryptocurrencies and hopes to launch these in the year, thru the help of other regulators from the united states and Australia, as well as coin exchanges registered with the BSP.