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SEC issues warning against 14 online cryptocurrency scams

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The Securities and Exchange Commission (SEC) warned the investing public against 14 investment scams found online, including entities riding on the growing popularity of bitcoin and other cryptocurrencies to lure investors.

The country’s corporate regulator advised against investing in the following entities:

• NewG
• Smart Capital
• Gener8X
• Paid2Prosper
• CMT (Coins and Mining Trading)
• PSO (PSOPOWER Apps)
• TradeConnect
• IronTrading (Team Bangon)
• ExpertTrading
• OneCash
• Lucky Coins
• Miner’s Investment Group
• Digital Coin Trading
• All Pal for All Seasons

The commission said that the companies have been soliciting investments from the public through social networking site Facebook, promising returns of as high as 200% per month. The SEC said that the abovementioned entities claim that funds from investors will be converted into cryptocurrency, thus justifying the investment’s earning capacity.

The SEC emphasized that none of the firms are registered with the commission, nor are they allowed to solicit investments from the public as they have no prior registration and/or license to engage in such activities. — Arra B. Francia

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