​​Philippines SEC issues public warning vs Cryptogix, Crypto M | Crypto Sale

​​Philippines SEC issues public warning vs Cryptogix, Crypto Marketers over breach of capital market laws

The Philippines Securities and Exchange Commission (SEC) has issued public advisory warning citizens against investing in companies selling illegal investment products.

The advisory came from the Enforcement and Investor Protection Department against Sophia Fransico Holding OPC, Financial Consultancy Services Sophia-Francisco Trading, and Sophia Francisco Trading, all operating under the name, Cryptogix.

According to information from the SEC, Cryptogix leveraged social media to offer investments to the public while claiming to provide 100% returns in as little as 90 days. An additional 5% commission will be given as a referral bonus to persons who “entice” new investors to sink funds in the scheme.

The SEC says that the product offered by Cryptogix qualifies as an investment product and should be registered with the commission. It went on to urge members of the public not to invest in the offering from Cryptogix as it contravenes the extant securities laws of the Philippines.