THE Securities and Exchange Commission (SEC) is warning the public against investment offers by a group named Bitcoin Revolution after finding it continues to operate without authority.
In a new advisory on its website, the regulator again told the public not to invest or to stop investing in Bitcoin Revolution, which it said now runs its business through the domain the-bitcoinrevolution.com.
The SEC first issued a warning against the group in March. Bitcoin Revolution offers an opportunity for investors to earn up to $1,000 a day from a minimum investment of $250 through a unique automated trading system.
But the SEC said Bitcoin Revolution does not have a registration with the commission and is operating an unregulated business likened to cryptocurrency scams.
“The public must be mindful that cryptocurrencies are very volatile and the process of digital asset trading is highly speculative and involves a higher degree of risk and that the operations of such unregulated entities engaged in digital asset trading are completely unaccountable,” the SEC said.
“[T]he public must observe and exercise conscious effort before dealing with such schemes,” it added.
Bitcoin Revolution, on its website, said it was formed by a “team of dedicated experts” that met at a finance conference. The SEC said its operators are unknown, but it claims to be endorsed by personalities such as Senator Emmanuel D. Pacquiao, former senator and businessman Manuel B. Villar, Jr. and television host Boy Abunda.
It also said the group had claimed to be promoted by Finance Secretary Carlos G. Dominguez III, which he denied.
“[T]he commission assures the public that it continuously monitors and oversees such entities and their activities in a way that it sees as proper in order to prevent the proliferation of scams and/or any other unauthorized or illegal schemes in the country,” it said.
“Bitcoin Revolution remains unregistered with the commission and is still not authorized to solicit, accept or take investments/placements from the public nor to issue investment contracts and other forms of securities,” it added.
In doing so, the group violates the Securities Regulation Code and may be penalized with a maximum fine of P5 million, 21 years of imprisonment, or both.
Bitcoin Revolution was sought for comment but was not able to respond as of press time. — Denise A. Valdez
