Connect with us

Hi, what are you looking for?


SEC warns against unregistered cryptocurrency trading service

THE Securities and Exchange Commission (SEC) has warned the public against an unregistered “crowdfunding international platform” for cryptocurrency named BitAccelerate,, BA, and BitAccelerator.

In an advisory, the commission said the entities promise returns depending on the number of referrals and membership fees collected, thus gaining new investors is crucial to the platform.

The platform claims that people may earn up to two to eight percent daily, or a total of 350% of their total investments. Investments will be sent through a robot on messaging app, Telegram.

The SEC said that investors enter a “smart contract,” where passive income may be collected as long as money is put into the platform to earn profit.

However, the commission maintains that the platform is neither registered nor does it have a license to engage in such activities.

“The public is advised not to invest or stop investing in any scheme offered by BitAccelerate/ or any other entities using the same scheme in digital asset trading, which promises ridiculous rates of return with little or no risk,” the commission warned.

It also said penalties would be imposed on those involved as salesmen, brokers, dealers or agents and on entities engaging in unauthorized transactions and activities for violating the Revised Corporation Code.

Those recruiting for these services may face sanctions and they may be criminally liable, the commission added.

In its advisory, the SEC reminded the public of the volatile nature of cryptocurrencies.

“Digital asset trading is highly speculative and involves a higher degree of risk. Hence, any promise of [a] fixed rate of lucrative return is truly ambiguous,” it warned.

The commission said it was not discouraging the public from investing in cryptocurrency, and that it was not threatening authorized businesses and projects.

The SEC said the warnings and laws “are intended for the protection of both the registered entities and the investing public from any anomalies and/or irregularities, which tend to result from any unlawful or unauthorized operations.” — Keren Concepcion G. Valmonte

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global plastic pollution treaty, weeks...


By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded its growth forecast for the Philippines for this year and 2023, citing an “accommodative”...


THE PHILIPPINE auto industry’s sales recovery will likely be derailed if a measure reimposing excise taxes on pickup trucks is signed into law, according...


THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected to...


THE ASIAN Development Bank (ADB) is planning to allocate at least $14 billion for a program aimed at easing a food crisis in the...


With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.