Philippines SEC Issues Cease and Desist Order on PAYASIAN/PAYA COINS

Philippines SEC Issues Cease and Desist Order on PAYASIAN/PAYA COINS

[Update] March 29, 2020 – The Securities and Exchange Commission (SEC) released a cease and desist purchase against PAYASIAN for offering an unauthorized investment scheme involving a supposed “cryptocurrency” called PAYA COINS.

On March 20, 2020, SEC ordered Payasian to immediately cease and desist for “further participating in, promoting, and facilitating attempting to sell and/or offering for purchase securities in the form of investment contracts and/or other activities/transactions.”

The Commission additionally prohibited the company from transacting any company funds that are involving its depository banking institutions, and from transferring, disposing, or conveying in almost any way all associated assets for the investors.

The SEC’s stop and desist order covers Payasian’s lovers, operators, directors, officers, salesmen, promoters, and all people claiming and acting for and on the ongoing company’s behalf.

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SEC confirms Payasia registered as a firm in 2019 august. However, its registration didn’t permit the company to take part in offering securities to the public, which needed a license that is secondary the SEC. The Commission’s Markets and Securities Regulation Department and Corporate Governance and Finance Department confirmed that Payasias did not apply for enrollment as issuer of securities nor did it make application for a permit to provide them.

However, SEC found that Payasian is securities that are offering the type of investment contracts. In November 2019, SEC encouraged the general public in dealing with Payasian.

Payasian entices the general public to invest in Payacoins, which the company encourages the investor to put on for six months to get 30% additional Paya Rewards plus referral rewards. Payasian offered “Sharer Packages” starting at Php 8,145 for 1,040 Paya tokens for a payment of up to Php 500 each day. A person may invest up to Php 5,700,058 for 740,749 Paya tokens to receive as much as Php 10,000 each and every day.

SEC discovered that Payasian is enticing members to invest their hard-earned money utilizing the expectation of receiving passive earnings from the p ling of assets and mining of Paya tokens, while at the same time earning active income from recruitment bonuses. SEC stated Payasian’s work of publishing and making presentations about their investment scheme online, as well as inviting investors, is an act of “public offering”.

SEC noted that minus the enrollment statement filed and authorized by the Commission, Payasian’s work of selling/offering “packages”, which are securities in the form of investment agreements is a violation that is clear of 8 of this Securities and Regulation Code (SRC).

Original article follows

November 18, 2019 – The Securities and Exchange Commission (SEC) Enforcement and Investor Protection Department issues an advisory against PAYASIAN POSSIBILITIES PTE. LIMITED/PAYASIAN PTE. LIMITED CORPORATION for enticing the general public to invest in the cryptocurrency called “PAYA COINS” (PAYA).

According to SEC, PAYASIAN’s investment scheme is promising a return considering different types of compensation plans. The type that is 1st the “Buy, Hold, and Earn” option where the investor buys PAYA COIN and hold it for six months, and after that the investor will receive additional PAYA benefits following the “Fund Blocking”. SEC stated the scheme is “in other terms, you will make even although http://datingmentor.org/seniorblackpeoplemeet-review/ you don’t do just about anything.” The next option is the “Referral Reward Option,” where in fact the individual will earn from referring other people.

SEC said the investors need to exert any effort other than to pay the subscription charge in order to earn

“ergo, they might prefer to add funds only so that it can be used as trading money by the company or even to pay earnings or returns to earlier investors. As their famous line states “kumikita kahit natutulog, walang invite, or walang ginagawa.”

Also, SEC also discovered the following

  • that the address of “PAYASIAN POSSIBILITIES PTE. LTD” is located in Singapore
  • there is no “PAYASIAN POSSIBILITIES PTE. LTD” registered utilizing the SEC as a corporation
  • that a “PAYASIAN PTE. LTD CORPORATION” is registered using the SEC on August 9, 2019 aided by the purpose that is primary of into the “business of shopping for, attempting to sell, distributing, marketing, retail, and wholesale”. The registration confirms it cannot take part in investment solicitation with out a license that is secondary.

A thread on crypto forum Bitcointalk alleges that the “Team Members” behind PayAsian are not real people, claiming that the photos of the team members are stock photos or grabbed from the internet on a separate note

For a passing fancy Bitcointalk thread, a person claims that PAYASIAN’s Singapore Address is occupied by way of a various company.

Concerning digital currencies through PAYASIAN’s “PAYA COINS”, SEC reiterates its advisory on Initial Coin Offerings, which generally relates to the sale that is first of towards the public. Each time a currency that is virtual be classified being a “security”, it should be registered with all the SEC, with which PAYASIAN didn’t (or presently underway, as advertised by its promoted). Merely, if the business doesn’t have the license that is secondary they cannot obtain assets.