SEC warns bitcoin, cryptocurrency investors at risk

UNTV News   •   January 5, 2018   •   5303

FILE PHOTO: A Bitcoin and Dollar notes are seen in this illustration picture taken September 27, 2017. PHOTO: REUTERS

WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission warned Thursday that investors should “exercise caution” with cryptocurrencies like bitcoin, noting state and federal regulators may not be able to recoup any lost investments from illegal actors.

Many promoters of initial coin offerings (ICOs) and other cryptocurrency investments are not following federal and state securities laws, SEC Chairman Jay Clayton and Commissioners Kara Stein and Michael Piwowar said in a statement. While regulators are trying to police these quickly growing markets, the SEC urged investors to be vigilant.

“The SEC and state securities regulators are pursuing violations, but we again caution you that, if you lose money, there is a substantial risk that our efforts will not result in a recovery of your investment,” the officials said.

Reporting by Pete Schroeder; Editing by David Gregorio

SEC to adopt zero face-to-face transaction policy amid COVID-19 case spike

Robie de Guzman   •   January 13, 2022

 

MANILA, Philippines — The Securities and Exchange Commission (SEC) announced it will be implementing a zero face-to-face transaction policy in its offices in Metro Manila starting Thursday, January 13.

In a notice issued on January 11, the SEC said the policy will be enforced in its main office within the PICC Complex in Pasay City and former headquarters along EDSA in Mandaluyong City, in  view of the fresh surge in COVID-19 cases in the region.

The policy will be in effect “until further notice.”

The commission said all applications for company registration, submissions of reportorial requirements, and other transactions will be accepted and processed through its online portals, email, courier and other remote means.

The SEC said it will maintain a skeleton workforce and implement other alternative work arrangements to ensure uninterrupted delivery of services despite the adjustments in its operations.

It advised the public to contact their hotline numbers or the concerned departments provided here for queries and other concerns.

SEC issues moratorium on registration of online lending platforms

Robie de Guzman   •   November 5, 2021

The Securities and Exchange Commission (SEC) said it has imposed a moratorium on the registration of new online lending platforms (OLP) of financing and lending companies.

In a statement, the SEC said the moratorium takes effect on Friday, November 5.

The commission on November 2 issued SEC Memorandum Circular No. 10, Series of 2021, which provides for the Moratorium on New Online Lending Platforms, ahead of the release of new rules that will govern the licensing and registration of the OLPs of financing and lending companies.

“We are currently crafting new guidelines that will allow lending and financing companies to better address the needs of borrowers and, at the same time, plug loopholes that give rise to abusive and predatory practices,” SEC Chairperson Emilio Aquino said in the same statement.

“We have seen the emergence of financial technology companies that engage in predatory lending, taking advantage of those struggling financially during the pandemic. The Commission will work toward stamping out these abusive financing and lending companies that do nothing but bury borrowers in even more debt,” he added.

The SEC said that OLPs that have been recorded prior to the moratorium, may continue to operate and be used for online lending or financing.

“The Commission will subject the existing OLPs to strict monitoring, audit and review to ensure their compliance with all applicable laws, rules, and regulations,” it added.

To date, the SEC has cancelled the licenses of 35 financing/lending companies due to various violations of applicable rules and regulations.

The commission also said that it has revoked the certificate of registration of a total of 2,081 lending companies for their failure to secure the requisite certificate of authority, pursuant to Republic Act No. 9474, or the Lending Company Regulation Act of 2007.

At least 58 online lending applications have likewise been ordered to cease operations for lack of authority to operate as a lending or financing company, the SEC said.

 

DOTr warns against malicious websites using Tugade’s name as clickbait

Aileen Cerrudo   •   September 10, 2020

The Department of Transportation (DOTr) is warning the public against malicious websites that use the name of Transportation Secretary Arthur Tugade as clickbait.

In an advisory, the department said these websites use Tugade’s driver’s license to lure internet users to a bitcoin website. The website requests users to supply personal information including phone numbers, email address, and passwords.

“The Department of Transportation (DOTr) is warning the public not to access and engage a malicious web page that uses a photo of a fake driver’s license of Transport Secretary Arthur Tugade as clickbait,” the advisory reads.

ADVISORYThe Department of Transportation (DOTr) is WARNING the public NOT TO ACCESS AND ENGAGE a malicious web page…

Posted by Department of Transportation – Philippines on Wednesday, September 9, 2020

The DOTr reiterates that the department and Secretary Tugade are not connected or affiliated with the said websites.

The department also reminds the public to be careful in accessing websites and providing information since it can be used for criminal purposes. AAC

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