The Philippine Securities and Exchange Commission (SEC) has advised the public against three investment companies reportedly offering huge returns from cryptocurrencies and other technologies.
The regulator identified the companies as Delta Crypt, INVEXPERT, and TBC.
According to the regulator, the three companies are involved in the sale of securities in the form of investment contracts.
No license to sell securities or digital assets
The regulator said under Philippine law, Republic Act No. 8799, or The Securities Regulation Code, companies must have secured a license to sell securities before offering such services to the public.
The three companies also do not have a “secondary license” to sell or offer securities in the country. The companies are also not listed in the country’s Bangko Sentral ng Pilipinas as registered banks, exchanges, or companies engaged in digital assets, such as cryptocurrencies.
The SEC also said the cryptocurrencies that the three companies are offering are not listed in the World Coin Index and CoinMarketCap websites.
Warning to the public
With these findings, the SEC is also urging the public not to engage in business with the three supposedly crypto firms, which are also offering a huge return on investments.
The SEC said, for instance, Delta Crypt is said to be offering investment yields of “104% to 6,000%” only after one to 90 days for a minimum deposit of US$10 [AU$15] and a maximum of US$100,000 [AU$157,000].
Regulators, however, warned that Delta Crypt is not a registered company.
The SEC said INVEXPERT is offering similar investment schemes, offering returns of “104% to 3,000% in one to 30 days.”
Like Delta Crypt, the firm is also claiming to be based in the U.K., under the name INVESPERT LTD.
The SEC said this company supposedly invests in startups in fast-growing industries such as AI, Internet of Things, robotics, biotechnology, and financial technology.
The third company, TBC, is said to be promoting its “TBCoin” as a decentralized cryptocurrency “that aims to revolutionize the global financial system.”
TBC is promising a “100% return on investment every 25 days,” the SEC noted.
The SEC earlier issued a cease and desist order against another company presenting itself as a crypt company.