The Securities and Exchange Commission flagged two firms―BCR Rising Trade Inc/BIT Cryptorising Marketing Consultancy and Cstmine.com for allegedly engaging in illegal investment schemes.
It posted separate advisories on its website that BCR Rising/BIT Cryptorising and Cstmine. com were not licensed to sell investment contracts and securities to the public.
The regulator said it issued an advisory against BCR Rising/BIT Cryptorising after seeing social media posts of individuals and marketing teams of the company who were actively soliciting investments from the public.
It said BCR Rising/BIT Cryptorising lures the public to invest between P1,000 to P300,000 and earn 15 percent a week or up to 60 percent in 30 days with additional 20 percent as partner reward.
It said Cstime. com was reportedly engaged in unauthorized investment taking in the guise of crypto-mining. The SEC that based on information it gathered, Cstmine. com was offering prospective investors a guaranteed profit with the machine they lease or own. The potential profit will depend on the time the initial investment was deposited.
