Philippines SEC Advises Public to Beware of Unauthorized Skyline Crypto Trading
The Securities and Exchange Commission (SEC) of the Philippines, the country’s financial watchdog, released a warning on Wednesday regarding Skyline Crypto and Dry Goods Trading.
According to the advisory, individuals falsely claiming to represent Skyline Crypto Trading are not authorized to seek investments from the public. These impersonators are enticing citizens through Facebook Messenger group chats with investment opportunities ranging from Php 1,000.00 to Php 1,000,000.00 ($17 to $17,000), promising a 35% return on investment within 15 days.
Moreover, they offer a “Lock-In Program” with promises of smartphones and various motor vehicles as rewards for investors. However, the regulator’s records show that the entity is not registered and lacks the necessary license to sell securities or engage in investment activities as per the Securities Regulation Code.
The Philippines SEC has identified Skyline Crypto as a potential Ponzi scheme, a fraudulent investment scheme that initially pays profits to investors to create a false impression of success. The public is strongly advised against investing in any scheme offered by Skyline Crypto and similar entities to avoid criminal liabilities under the Financial Products and Services Consumer Protection Act.
In light of the increasing prevalence of crypto scams in the Philippines, the SEC has collaborated with its US counterpart to combat the issue. Additionally, the Philippine National Police’s anti-cybercrime unit has alerted citizens to the risks associated with cryptocurrency gaming schemes, such as the ‘play-to-earn’ model used in games like Axie Infinity on the Ethereum blockchain.
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