The Securities and Exchange Commission warned investors about investing in Aibit Club and its marketing affiliate GO88 ventures Inc. that are allegedly offering online investments to the public.
The SEC said in an advisory posted on its website that Airbit Club was not registered with the corporate regulator nor was it authorized to solicit investments from the public.
It said that while GO88 Ventures was registered with the SEC as a company engaged in wholesale business, it had no registration or permit to sell securities to the public.
The SEC said that based on information it gathered, Airbit Club and GO 88 Ventures were enticing the public to invest in online subscription packages which allow investors to earn passive income through regular daily rewards or recruitment of downlines.
Airbit Club investors who subscribe to the investment packages are deemed investing in common enterprise that is allegedly engaged in cryptocurrency mining.
“Undoubtedly an Airbit Club subscription, being a cloud-mining contract, as described by the commission’s April 10, 2018 advisory, is an investment contract falling within the purview of the term ‘securities’ as defined by the law,” the SEC said.