Fake Philippines crypto firms are on the rise. The securities regulator of the Philippines has warned investors in the country against unregistered and unregulated crypto firms. In an effort to make investors aware of the various crypto scams and illicit firms operating out of the country, it has named three firms specifically. These firms are RCashOnline, Forsage, and the Saint John of Jerusalem Knights of Malta Foundation of the Philippines, Inc.
These three firms have been labeled as potential scams since their registration credentials are questionable. None of them have secured a suitable license for undertaking crypto-related business activities. The Philippines Securities and Exchange Commission (SEC), the country’s financial regulator, has been at the forefront in the fight against fake firms in the country.
Investors beware of fake Philippines crypto firms
SEC, the financial regulator, observed that investors must remain cautious of the said firms. As per the Securities Regulation Code, individuals who take part in illegal investment activities can be fined up to P5 million and a jail term of 21 years.
Forsage does not have a registration to carry out any investment-related activity in the country. It cannot legally deal with crypto-related funds. RCashOnline, another firm operating in the country’s crypto space, does not have any incorporation or partnership. This latest list of firms that lack regulatory compliance comes at a warning for the country’s vulnerable investors.
Philippines crypto scams have taken the spotlight
Philippines crypto scams continue to rise despite the government’s crackdown. In fact, cryptocurrency scams are increasing the world over despite a global pandemic. As crypto enters the mainstream in various countries, it is also being used for nefarious activities by criminal elements.
Recently, Bitcoin Revolution scam promising daily profits of $1,000 were unearthed in the Philippines. Singapore has also reported that ransomware attacks have also increased in the past year. Globally, nations are working towards tracking crypto transactions, enforcing regulations, and also erecting strict laws to offer safety to their investors.