‘PSE not selling cryptocurrencies’: Exchange says amid fake blockchain investment solicitation

October 6, 2021 - 12:57 PM
A representation of cryptocurrency Bitcoin is seen in this illustration taken August 6, 2021. (Reuters/Dado Ruvic/Illustration/File Photo)

The Philippine Stock Exchange said it does not sell cryptocurrencies after it received a report about an individual soliciting investments using its name.

In an advisory on October 6, PSE said that this individual represented herself as a member of a team established for the institution for “block chain digital currency.”

This unidentified person allegedly solicited investments and guaranteed returns to people worth $1,000 (P50,710) to $2,000 (P101,420) daily.

PSE also attached screenshots of a chat where the individual tried to solicit money from another person.

Based on the images, the person introduced herself as a “newly established trading project team of PSE block chain digital currency.”

She further claimed that the team “have cooperated with many banks around the world for many years.”

“The operation method is simple, the time is fast, and a stable income of 20% to 30% is obtained every day. Professional mentors lead everyone to freedom of wealth. Your monthly income ranges from $1,000 to $2,000. Are you interested?” her text message read.

Their conversation then led to an invitation to register to a link the suspected scammer provided.

When asked for proof of being a PSE member, the solicitor only directed the person to visit the PSE’s office. She also attached a screenshot of a Wikipedia page about PSE.

PSE President and CEO Ramon Monzon then clarified that the Exchange and its employees, do not sell cryptocurrencies, for purposes of investment.

“The PSE reiterates that it does not sell cryptocurrencies and that its employees or agents do not promote, for purposes of investment, any specific stock, investment instrument or cryptocurrency,” Monzon said.

“The PSE reminds the investing public to exercise prudence and due diligence in dealing with social media accounts that purportedly offer investments and represent themselves as employees or agents of the Exchange,” he added.

Monzon further encouraged the investing public to report other similar schemes using PSE’s name and logo.

“We encourage everyone to report any suspected unofficial and illegal use of PSE’s name and logo and to verify claims and report possible fraudulent acts,” he said.

The official regulated platform where the public can buy and sell cryptocurrencies is the Philippine Digital Asset Exchange.

It is similar to other web-based brokerages for stocks and other securities, but specializing in cryptocurrency.

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