Menu
The Philippines Securities and Exchange Commission (SEC) has issued a warning against Skyline Crypto and Dry Goods Trading, cautioning the public about unauthorized investment solicitations.
According to the SEC, individuals falsely representing Skyline Crypto Trading have been offering investment opportunities through Facebook Messenger group chats, with amounts ranging from Php 1,000.00 to Php 1,000,000.00 ($17 to $17,000). They promise a 35% return on investments within just 15 days and offer incentives like smartphones and motor vehicles through a “Lock-In Program.”
The SEC’s advisory notes that Skyline Crypto Trading is not registered and lacks the necessary licenses to sell securities or solicit investments, labeling it a potential Ponzi scheme. The agency advises the public to avoid investing in schemes from Skyline Crypto and Dry Goods Trading and warns that those involved could face severe penalties, including fines up to Php 5,000,000 ($85,000) and imprisonment of up to 21 years.
Crypto scams have been increasingly prevalent in the Philippines, prompting collaboration between the Philippines SEC and its US counterpart to combat the issue. Additionally, the Philippine National Police’s anti-cybercrime group has warned citizens about risks in cryptocurrency gaming schemes, such as the “play-to-earn” model used by Axie Infinity.
#Top Tags COVID Covid-19 Technology Finance Investing Sustainability Economy
and receive a copy of The Crypto Cheat Sheet (PDF)
and NFT Cheat Sheet for free!
Comments are closed for this article!