The securities regulator of the Philippines has warned investors to be wary of Bitcoin Revolution, in the latest warning notice issued against the scheme.
Dubious digital currency trading program Bitcoin Revolution purports to have the backing of a number of celebrities, entrepreneurs and government officials, relying on endorsements to attract new investors. Amongst local fake famous endorsements include Senator Manny Pacquiao, as well as former Senator and House Speaker Manny Villar.
According to the warning note, the Philippines Securities and Exchange Commission (SEC) said investors should not engage with Bitcoin Revolution, or any other digital currency trading program offering high returns over a short period of time.
In the case of Bitcoin Revolution, investors are promised up to 9000% return on their investment per month. This is accompanied by doubtful claims of previous investors becoming millionaires in two months using the program.
The SEC said the scheme is selling securities, because investors are required only to deposit money with Bitcoin Revolution to generate the advertised returns.
“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.”
“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.”
The update is only the latest warning note from the SEC. Back in March, the regulator published a warning note about Bitcoin Revolution’s false claims to registered and authorized to sell securities.
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