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Onecash Trading Warning: Investment Scheme considered Security

Compliancetradingwarning
tamir
Author: tamir
1 min.read
Spread financial intelligence

Onecash TradingThe Enforcement and Investor Protection Department of the Securities and Exchange Commission (SEC) Philippines issued a warning to investors of Onecash Trading, an online cryptocurrency trading platform. On its Facebook page Onecash Trading invited the public to sign up to their website through a sponsored link and deposit an amount of One Thousand Pesos (Php 1,000.00) as enrollment fee. Facebook obviously removed the website already as a part of its strategy to ban cryptocurrency promoters.

The SEC warned that such investment schemes whether with the use of real money (FIAT) or cryptocurrencies are considered as securities subject to the regulatory authority of this Commission. Moreover, the Filippino SEC makes clear that affiliates or agents that support OneCash Trading in selling their investments or convincing people to invest in the investment scheme being offered by Onecash Trading may likewise be prosecuted and held criminally liable.
The Philippines SEC statement is important for two reasons:
  • Firstly, it makes clear the investment schemes such as Onecash Trading or Optioment are considered securities and
  • Secondly, and even more important, people involved in such Crypto-MLM’s and investment schemes will be held criminally liable.

The Philippines statement fits perfectly into the chain of actions that have been made by regulators of different jurisdictions around the globe. It should be perfectly clear to crypto-exchanges, crypto-brokers, and crypto-MLM’s that they need to have a license and/or permission to operate a legitimate business.

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