The Philippine Securities and Exchange Commission (SEC) has announced that Peak Finance Consultancy Services has not been authorized to provide investment products and advisory services.
The platform is not registered with the SEC and does not have any licenses to operate in the Philippines. The financial regulator advised investors to stop investing in the project and remain cautious when interacting with Peak Finance representatives.
Peak Finance presents itself as an investment platform that guarantees a return of up to 500% per annum on the initial investment in bitcoins and other digital assets. The company promises 120% profit from a deposit in cryptocurrencies blocked by the site for six months.
The SEC said it would turn over data on individuals associated with the platform to the IRS for tax avoidance checks and penalties. In addition, the SEC has asked people who have invested in Peak Finance to forward any information about the platform to the Enforcement and Investor Protection Division (EIPD).
The agency announced that individuals promoting unregistered and unlicensed organizations could face criminal charges for violating securities regulation laws. Such organizations include agents, sellers, dealers and brokers working with foreign currencies and crypto assets. Violators face a maximum fine of 5 million Philippine pesos (about $88.9) or 21 years in prison.
Effective September 1, the Central Bank of the Philippines will suspend applications for a Virtual Asset Service Provider (VASP) license for three years. This is due to the fact that the regulator considers VASP a threat to the financial stability of the country.
Source: Bits
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