{"id":257801,"date":"2020-04-16T07:43:04","date_gmt":"2020-04-16T11:43:04","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=257801"},"modified":"2020-04-16T07:43:04","modified_gmt":"2020-04-16T11:43:04","slug":"philippine-financial-regulator-cites-the-billion-coin-scam","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/philippine-financial-regulator-cites-the-billion-coin-scam","title":{"rendered":"Philippine Financial Regulator Cites \u201cThe Billion Coin\u201d Scam\u00a0"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">The Philippines Securities and Exchange Commission (SEC) is calling the attention of the general public to The Billion Coin, a cryptocurrency scam that appears to be on the rise in the country.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to an\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"http:\/\/www.sec.gov.ph\/wp-content\/uploads\/2020\/04\/2020Advisory_The-Billion-Coin-operated-by-Kris-Kringle.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">advisory<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0published earlier this week, the financial regulator explained that The Billion Coin is operating without any regulatory oversight and that citizens should desist from making any financial commitments to it.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">TBC Has Broken Several Securities Regulations<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">As the advisory explained, the scam asset is being marketed as an abundance-based cryptocurrency, which the promoters claim has the potential to revolutionize the global financial space and eradicate poverty. The concept of abundance is apparently crucial to the asset\u2019s promoters, as they claim that the asset\u2019s price will be driven by an increase in the number of investors.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The regulator also notes that the asset\u2019s promoters have developed their parameter in generating the asset\u2019s value. As they posit, The Billion Coin will eventually be worth one billion euros if the asset can record a billion investors.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The scam also allegedly promises 100 percent returns to users every 25 days, as well as several investment packages for them to invest. This feature explicitly puts the asset in violation of securities regulations, thus providing an avenue for the SEC to come in and shut it down.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The SEC also points to the fact that the investment scheme and its promoters aren\u2019t registered with it. They lack the necessary licenses to offer an investment product, such as this, and they\u2019re not registered with the central bank.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The Philippines already has considerable guidelines for cryptocurrency investments and has been\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"http:\/\/www.sec.gov.ph\/wp-content\/uploads\/2018\/08\/MC-Rules-for-ICOs.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">maintaining<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0them since 2018. On Initial Coin Offerings (IOCs), the guidelines determine that certain digital assets qualify to be treated by the Commission as securities. Thus, they should be treated under the guidance of Section 3.1 of the country\u2019s Securities Regulation Code.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Switching Bases to Get More Victims\u00a0<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">Lastly, given that The Billion Coin isn\u2019t available on any cryptocurrency exchange or asset index site, there\u2019s nothing to tie the firm down or prevent them from fleeing with user funds.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The Commission goes on to warn investors not to make any investments in the asset. As for prospective promoters and salespeople, the Commission warns that they could face as much as 21 years in jail for the promotion of an unregistered asset.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The Billion Coin actually isn\u2019t new. Unlike a lot of scams that are just popping up these days, the asset has an extensive history across the crypto sphere. The asset gained prominence in countries like Nigeria, where many saw it as a means of getting into crypto at the height of the 2017 boom \u2013 since Bitcoin was too expensive.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, most of them soon realized that they had been conned. The promoters have hitched their wagon and are now looking to base their operations in another country.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Of course, the fact that a lot of people are either oblivious of the scam or are desperate to make money in a time like this presents an excellent opportunity for scams like The Billion Coin to thrive.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">The Philippines Securities and Exchange Commission (SEC) is calling the attention of the general public to The Billion Coin, a cryptocurrency scam that appears to <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/philippine-financial-regulator-cites-the-billion-coin-scam\" title=\"Philippine Financial Regulator Cites \u201cThe Billion Coin\u201d Scam\u00a0\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":257802,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[7596],"tags":[10649,7575,3943,10648],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.0 (Yoast SEO v22.0) - 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