THE SUPREME TEAM: PSE Warns Public Against Fake Blockchain Schemes

By Shiela Bertillo

In a memorandum published today, the Philippines Stock Exchange (PSE) warns investors regarding a fake blockchain investment solicitation program offered by an individual pretending to be employed by the exchange.

The individual was claiming to be a member of  “the newly established trading project team of [the] PSE”  for “blockchain digital currency.” Through this scheme she was able to solicit investments and invite investors to create an account on the project team’s website. 

Moreover, despite claiming that the team was newly-established, the individual claimed in her spiel that they “have cooperated with many banks around the world for many years.”

In addition, the suspected scammer would offer the potential investor to “arrange” a professional tutor for them “to consult how to earn” through the program; claiming that these “professional mentors lead everyone to freedom of wealth.”

According to the PSE, the individual guarantees the investors returns of 20 to 30 percent or $1,000 to $2,000 daily.

“The PSE reiterates that it does not sell cryptocurrencies and that its employees or agents do not promote for purposes of investment, any specific stock, investment instrument or cryptocurrency,” the PSE wrote in the statement.

The PSE also reiterated that the investors must practice prudence and due diligence in engaging with social media accounts that offer investments and represent themselves as employees or agents of the exchange.

Consequently, together with the PSE,  the Securities and Exchange Commission (SEC) have been consistently warning the public against fraudulent investment schemes. 

Recently, the SEC warned the public against dealing with Pogi Breeds International, a group of individuals that plays play-to-earn game Axie Infinity through soliciting investments from the public. (Read more on: SEC Warns the Public Against Investing in Axie Operators “Pogi Breeds International”)

In July, the SEC also formally launched the PhiliFintech Innovation Office (PIO) which aims to focus on the regulation of the use of fintech in the Philippines. Read more on: SEC Commits to Finalize Rules on Digital Asset Exchanges This 2021, Launches Fintech Innovation Office)

On the other hand, in the same month however, according to the PSE President Ramon S. Monzon, the exchange was considering hosting crypto trading on the stock exchange itself, primarily for the protection of investors.

This article is published on BitPinas: PSE Warns Public Against Fake Blockchain Schemes

The post PSE Warns Public Against Fake Blockchain Schemes appeared first on BitPinas.


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