The Securities and Exchange Commission (SEC) has issued a law banning “digital currency” Xian Coin (XNC), founded by owner Christian Albert Soriano Gaza or Xian Gaza, and those involved in issuing and selling securities to the public.
In the drop-off system of Nov. 3, the supervisor stated that Xian Coin is not registered as a corporation or as a partnership and does not have a second license to operate as a broker or security broker.
“The committee will establish guidelines for monitoring and violating the rules or individuals that may be found to act as consultants, informants, vendors, vendors, vendors, vendors, or so on,” the SEC said.
The committee filed a lawsuit against Xian Coin in June, warning investors that Gaza had previously stated that XNC funds would be used to support its “undercover operations.”
Apart from not having the required registration certificate and a second license from the SEC, XNC no longer registers Virtual Asset Service Provider (VASP) and Bangko Sentral ng Pilipinas (BSP).
It also has a white paper, which is a document that should explain in detail how it is designed and how it will run a business, and it does not have a working model.
Xian Coins is said to be delivered to the public through social media and social media.
“Investors are tempted to buy Xian currency because there is a guarantee that its price will rise, and it could be doubled or tripled in a matter of months or years,” the SEC said in a statement.
However, despite the proposal, the Enforcement and Investor Protection Department (EIPD) continued to receive reports and complaints about the sale of XNC, solicitation services and continued funding.
“[It was also] found that Xian Gaza also posted false and misleading information online that the agency had agreed to receive 10% of XNC’s total sales to avoid damaging its businesses, “the SEC said.
The SEC’s waiver and suspension law against Xian Coins and all other parties prohibits them from “conducting any business” related to the funds, assets, and assets provided by the system through bank deposits, among others, “ensuring securities for the benefit of depositors. money. ”- Keren Concepcion G. Valmonte
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