Philippines SEC flags its third crypto scheme this month

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Updated on Apr 28, 2020

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The Philippines securities regulator, the SEC, recently issued a new warning against another crypto scheme.
The project in question calls itself The Billion Coins, and it acts as an unregistered, unlicensed crypto.
Token is also a security, and anyone promotes it or works for its creator might face a long prison sentence.

Philippines securities regulator, the Securities and Exchange Commission reported another crypto scam. This will be its third reported scam this month, as scammers continue to target investors.

Details about the new crypto scheme

The new scheme’s name is The Billion Coins (TBC). It also calls itself the abundance-based cryptocurrency. The Philippines SEC said that its promoters presented it as a decentralized crypto. Its supposed goal is to revolutionize the global financial system. Also, it claimed that it aims to eliminate world poverty.

The project also uses the concept of abundance to explain and justify the autonomy of the asset from ‘market-driven norms.’ It continues to claim that the coin’s price will grow alongside the number of new investors.

However, the SEC claims that the project created its own parameter when it comes to generating the coin’s value based on the investor number. In other words, if TBC managed to gather a billion investors, each coin would have the worth of one billion euros.

The false promises continue

The scam does not stop there, however. It also promises 100% returns on fixed investment packages every 25 days. Because of this, the regulator has to base its intervention on the violation of security rules through promises of passive income.

Not only that, but the regulator believes that TBCCoin might be a security itself. Finally, the regulator also noted that neither the project nor its creator ever registered. As such, they definitely lack the licenses that they need in order to run a project. They never even registered with the central bank. Also, the project is not listed on CoinMarketCap or any known trading platform.

It basically doesn’t exist outside of its own platform, meaning that its creator(s) have full control over it.

As a result, the Philippines SEC warned investors against the project. This is especially important now, as the coronavirus outbreak continues to infect the world. Also, anyone who decides to join the project as a salesman, dealer, broker, or agent, is facing a maximum penalty of 21 years in prison.

The SEC will also have similar penalties for anyone caught recruiting people for this and similar projects.