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MANILA, Philippines — The Securities and Exchange Commission (SEC) has ordered the alleged cryptocurrency investment scheme “Riscoin” and related entities to immediately stop soliciting investments from the public over the unauthorized sale of securities.
In a cease-and-desist order dated May 14, the SEC’s Enforcement and Investor Protection Department said Riscoin, Riscoin Exchange, Riscoin Trading, League of Seagull Ltd., and Seagull Alliance had been actively offering investments through social media platforms and messaging applications such as Telegram and Bonchat.
The commission said the entities allegedly operated a copy trading scheme, in which investors relied on so-called “crypto managers” who supposedly generated unusually high and guaranteed daily returns from cryptocurrency trading.
READ: SEC warns vs unregistered schemes, crypto platforms
