SEC warns public against BitDefiHub

THE Securities and Exchange Commission (SEC) advised the public not to invest in BitDefiHub Advertising as it is not registered with the regulator.

According to the SEC advisory, BitDefiHub entices the public to invest P300 to earn a 20% daily bonus for 10 days or 25% direct referral bonus.

To participate, investors should register on the BitDefiHub platform and they will be asked to deposit their cash investment via GCash. A registered investor will then be credited P50 as a “registration bonus.”

As illustrated in the advisory, a P300 investment could get a 10-day profit of P600 from a 20% daily bonus of P60, while a P3 million investment could get a P6 million 10-day profit from a 20% daily bonus of P600,000.

The SEC explained that the described scheme involves the offering and sale of securities, which the Securities Regulation Code requires to be duly registered with the commission.

“Per records of the commission, BitDefi Hub or BitDefiHub Advertising is not registered as a corporation or partnership and is not authorized to solicit investments from the public as it did not secure prior registration and or license to solicit investments from the commission,” the regulator said.

It was also found out that the company, although given a certificate of business name registration by the Department of Trade and Industry, is not registered as a crowdfunding intermediary under the SEC.

The commission warns that “strict penalties are imposed for violations of the Securities Regulation Code, the Revised Corporation Code of the Philippines and such other rules and regulations enforced by the commission.” — Justine Irish D. Tabile