Philippines SEC Issues Warning Against Bitcoin Revolution

The Philippines Securities and Exchange Commission (SEC) has issued a warning against the Bitcoin Revolution, stressing that it is not allowed to do business in the country.

03 April, 2020 | AtoZ Markets –  The Philippines SEC has warned the investor about Bitcoin Revolution targeting Filipino, Australian and European investors. Bitcoin Revolution promotes the Ponzi scheme which offers exorbitant daily compound returns on deposited funds. The Bitcoin Revolution claims to have “automated trading software. It has been designed to trade the bitcoin and cryptocurrency markets”, according to its website.

Bitcoin Revolution Is Offering Unregistered Securities

Bitcoin Revolution claims to have software that produces transactions with a success rate between 88% and 95%. It also offers a path to seven-digit status in just 61 days. From an initial deposit of only $ 250, the scammer claims that investors can earn 300% a day or 9,000% a month.

Bitcoin Revolution also stated that its “software is to eliminate the need to spend hours analyzing the markets. Moreover, the program will do all the work for investors.” All they have to do is sit back and watch their profits go up. “

The regulator also claims that Bitcoin Revolution is offering unregistered securities to the public in the form of investment contracts, in clear violation of Philippine securities laws. The system does not register as a company with the SEC and does not have a Philippine Central Bank license to operate with digital assets.

However, SEC warned against the sellers, brokers, or agents of the Bitcoin Revolution. They will face upto 21 years in prison and/or upto $100,000 fine.

Read More: FINMA Annual Report Highlights ICO Enforcement Actions

Fake Celebrity Endorsements

Like many Ponzi schemes, the Bitcoin revolution promoted on social media using fake celebrity signatures and false reporting.

The Bitcoin Revolution’s website format appears to have endorsed by celebrities. However, Their promotional video features the founder of the Virgin Group, Richard Branson, the founder of Microsoft, Bill Gates, etc.

People from various countries have drawn to the bitcoin revolution. It also includes Australia, Europe, Singapore, the United Arab Emirates, El Salvador and South Africa. They hope that it would be a safe investment option during the coronavirus pandemic,

However, anyone who transfers money to their Bitcoin Revolution account is unlikely to ever see that money again. When looking for online investment opportunities, be careful as the number of scams is increasing during this global pandemic.

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