A network of digital advocates lauded the Securities and Exchange Commission as it warned the public against investing in several entities mentioned in various investor alerts issued by the agency.
Digital Pinoys national campaigner Ronald Gustilo said that a total of five entities were called out by the SEC for operating without the necessary permits. The SEC issues an Investor Alert whenever an entity is found operating without SEC registration.
“We laud the SEC for standing up and exercising its mandate against these companies that are brazenly operating without the necessary permits from the Philippine Government. So many Filipinos are in danger of losing their hard-earned money to these shady businesses. We must not let that happen.”
The Investor alert issued by the SEC were against seventeen companies operating without SEC registration and other permits necessary to operate in the Philippines, including Binance who was already called out several times by the Philippine Government by no less than Former Finance Secretary Carlos Dominguez III.
Also included in the investor alerts were Crypto-Stakers.com, Walletpays, Paidtunes, Pawis ng Pinoy Beastnessallday corp, Wellcons Unlimited Syetems, Freecit / Freebit, LMB Football, SOS System, SOS Venture, Videospays, PHTop, EPIC Trading, FXD Philippines, Cryptopayz at Kaizen Unlimited Philippines.
“Operate now, dialogue if caught” attitude unacceptable
Gustilo also blasted Binance for its gross disrespect to Philippine Laws by seeking dialogue with the SEC only when they were included in an investor alert. Binance has been operating since 2017 and in 2019, they launched its Peer to Peer platform, without the necessary permits from the government.
“It is unacceptable that a foreign entity brazenly violated Philippine laws for so long now. Their attitude of “operate now, dialogue if caught” only goes to prove that they intend to free-load our people from its obligations to the government. The SEC should not take this lightly should Binance go face to face with them. It can be said that because Binance blantly operated without permits, others also dared to operate without the permits because they think they can get away with it.”
If it’s too good to be true, it might not true
Gustilo also said that they are concerned that many may fall victim to these earn-quick schemes marketed by illegally operating companies. The company promises that the return of investment will be quick with a huge profit margin.
“Numerous incidents in the past have already shown us that these are not true. they will only return a certain amount to you to make it seem that you are earning and make you invest more. Eventually, they will disappear like bubbles once the scheme runs out of money. Let’s just remind everyone, if it’s too good to be true, it might not be true”
Reference: Ronald Gustilo, Digital Pinoys National Campaigner
