The Securities and Exchange Commission of the Philippines has warned the public to not invest in OneCash Trading and PBB150 Trading. This warning comes after it came to light that these companies are not registered with the SEC and are selling unregistered investment contracts - making it a risky investment for the investors. The companies are luring the users to invest into their offerings by promising a guaranteed return on investments.
With cryptocurrency prices on a rise, it has become a global craze and The Philippines too is affected by it! A large number of Filipino investors have begun to invest in various cryptocurrencies. As often seen in various nations around the world, with the rise in the popularity of cryptocurrencies, there is also a rise in cryptocurrency related scams.
OneCash Trading claims that they can offer 200% Returns on Investment to their investors. The OneCash social media pages indicate that users willing to join this trading platform have to pay an amount of PHP 1,000 (USD $50). OneCash Trading was similar to various other ponzi scams which have been noticed around the world such as Bitconnect, Davorcoin, and other similar fraudulent organizations.
The OneCash website indicates that traders who invest in the platform can earn as much as 25% ROI per week! The platform also allows the users to become cryptocurrency miners on their website. The website claims that users can mine for cryptocurrencies simply by ‘pushing buttons’ and earning ‘crypto credits’. Details regarding these operations are rather limited and obscure.
Similar to other such Ponzi platforms, OneCash also allows users to become affiliates and recruit other users on the platform. This has been a business model that has been seen in various other scammy websites in the past. The SEC has warned users to not trade into this platform, stating that the company does not have any approvals or licenses from the Commission as required by law under Section 8 of the Securities Regulation Code (SRC).
Interestingly, after these notices from the SEC, the social media pages of OneCash have gone down and cannot be accessed on Facebook or Twitter. As per local laws, organizations which are found violating or bypassing the Securities Regulations Code (SRC) can be penalized by paying up a fine of up to PHP 5,000,000 (about USD 100,000). There is a chance that they may also face imprisonment of a minimum of seven years and maximum of twenty-one years. This has been stated on Section 73 of the SRC.
The SEC has provided a hotline number as well which the citizens of the nation can call to get more information about the OneCash Trading platform. There has been no statement from OneCash’s side on these comments from the SEC - and it appears that the company may soon shut down and disappear, similar to other Ponzi schemes and fraudulent crypto-organizations in the past.