The Enforcement and Investor Protection Department of the Securities and Exchange Commission (SEC) Philippines issued a warning to investors of Onecash Trading, an online cryptocurrency trading platform. On its Facebook page Onecash Trading invited the public to sign up to their website through a sponsored link and deposit an amount of One Thousand Pesos (Php 1,000.00) as enrollment fee. Facebook obviously removed the website already as a part of its strategy to ban cryptocurrency promoters.
- Firstly, it makes clear the investment schemes such as Onecash Trading or Optioment are considered securities and
- Secondly, and even more important, people involved in such Crypto-MLM’s and investment schemes will be held criminally liable.
The Philippines statement fits perfectly into the chain of actions that have been made by regulators of different jurisdictions around the globe. It should be perfectly clear to crypto-exchanges, crypto-brokers, and crypto-MLM’s that they need to have a license and/or permission to operate a legitimate business.