[Update] March 29, 2020 вЂ“ The Securities and Exchange Commission (SEC) released a cease and desist purchase against PAYASIAN for offering an unauthorized investment scheme involving a supposed вЂњcryptocurrencyвЂќ called PAYA COINS.
On March 20, 2020, SEC ordered Payasian to immediately cease and desist for вЂњfurther 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.вЂќ
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 SECвЂ™s stop and desist order covers PayasianвЂ™s lovers, operators, directors, officers, salesmen, promoters, and all people claiming and acting for and on the ongoing companyвЂ™s behalf.
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 CommissionвЂ™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 вЂњSharer PackagesвЂќ 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 PayasianвЂ™s work of publishing and making presentations about their investment scheme online, as well as inviting investors, is an act of вЂњpublic offeringвЂќ.
SEC noted that minus the enrollment statement filed and authorized by the Commission, PayasianвЂ™s work of selling/offering вЂњpackagesвЂќ, 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 вЂ“ 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 вЂњPAYA COINSвЂќ (PAYA).
According to SEC, PAYASIANвЂ™s investment scheme is promising a return considering different types of compensation plans. The type that is 1st the вЂњBuy, Hold, and EarnвЂќ 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 вЂњFund BlockingвЂќ. SEC stated the scheme is вЂњin other terms, you will make even although you donвЂ™t do just about anything.вЂќ The next option is the вЂњReferral Reward Option,вЂќ 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
вЂњergo, 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 вЂњkumikita kahit natutulog, walang invite, or walang ginagawa.вЂќ
Also, SEC also discovered the following
- that the address of вЂњPAYASIAN POSSIBILITIES PTE. LTDвЂќ is located in Singapore
- there is no вЂњPAYASIAN POSSIBILITIES PTE. LTDвЂќ registered utilizing the SEC as a corporation
- that a вЂњPAYASIAN PTE. LTD CORPORATIONвЂќ is registered using the SEC on August 9, 2019 aided by the purpose that is primary of into the вЂњbusiness of shopping for, attempting to sell, distributing, marketing, retail, and wholesaleвЂќ. 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 вЂњTeam MembersвЂќ behind PayAsian are not yubo dating app 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 PAYASIANвЂ™s Singapore Address is occupied by way of a various company.
Concerning digital currencies through PAYASIANвЂ™s вЂњPAYA COINSвЂќ, 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 вЂњsecurityвЂќ, 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.