SEC TO PUBLIC: BEWARE OF BITCOIN REVOLUTION

THE Securities and Exchange Commission (SEC) issued another warning against Bitcoin Revolution, which promotes itself as a cryptocurrency trading program endorsed by government officials, businessmen and celebrities.

“The commission urged the public to avoid or stop investing in schemes offered by Bitcoin Revolution or any other entity engaged in digital asset trading and promising ridiculous rates of return with little or no risk,” the SEC said in a statement on Wednesday

The SEC previously flagged Bitcoin Revolution before in an March 30 advisory.

The regulator issued the second warning after learning that Bitcoin Revolution continued to solicit investments without the necessary license. It uses the domain ‘ thebitcoinrevolution.com.’

“Bitcoin Revolution remains unregistered with and unauthorized to solicit and accept investments or placements from the public nor to issue investment contracts and other forms of securities,” the SEC said.

“The group also continues to manage its digital exchange platform without the proper registration with the SEC, in violation of the prohibition on the use of unregistered exchange under the Securities Regulation Code,” it added.

According to the commission, Bitcoin Revolution does not appear on the list of entities registered with the Bangko Sentral ng Pilipinas.

The entity is known for using fake endorsements from well- known personalities like Sen. Emmanuel “Manny” Pacquiao, former Sen. Manuel “Manny” Villar Jr. and television host Boy Abunda.

The Department of Finance has also warned the public about Bitcoin Revolution’s “false and fraudulent information” on the Finance secretary promoting the entity.

“The public must be mindful that cryptocurrencies are very volatile and the process of digital asset trading is highly speculative and involves a higher degree of risk and that the operations of such unregulated entities engaged in digital asset trading are completely unaccountable,” the SEC said.

“Nevertheless, the commission assures the public that it continuously monitors and oversees such entities and their activities in a way that it sees as proper in order to prevent the proliferation of scams and/or any other unauthorized or illegal schemes in the country,” it added.