The Philippines Securities and Exchange Commission (SEC), the country’s market regulator, has released a warning to the public about Skyline Crypto and Dry Goods Trading, cautioning against engaging with these unauthorized individuals who claim to represent Skyline Crypto Trading. The regulator states that these impersonators are offering investment opportunities through Facebook Messenger group chats, with investment amounts ranging from Php 1,000.00 to Php 1,000,000.00 ($17 to $17,000). They are promising a 35% return on investment in just 15 days. The SEC’s database confirms that the entity is not registered and does not possess a license to sell securities. The SEC identifies Skyline Crypto as a possible Ponzi scheme, which lures investors with the illusion of profits by paying initial investors. The public is strongly advised not to invest in any scheme offered by Skyline Crypto and Dry Goods Trading or any other similar entities. Those involved in the scheme may face criminal charges under the Financial Products and Services Consumer Protection Act (FCPA), with penalties of a maximum fine of Php 5,000,000 ($85,000 approx) or imprisonment of 21 years, or both. The Philippines has seen an increase in crypto scams, causing financial harm to inexperienced investors. The Philippines SEC and its US counterpart have collaborated to combat crypto scams, highlighting the seriousness of this issue. The Philippine National Police’s anti-cybercrime group has also warned citizens about the risks associated with cryptocurrency gaming schemes, including the popular “play-to-earn” model used by Axie Infinity, an Ethereum blockchain-based metaverse game.
