UTC-05:00,Monday , September 28th 2020

Philippines SEC Warns Of 'Cloud Mining' Ponzi Related To Bitcoin Vault

23:21 Tuesday , September 15th 2020
According to Cointelegraph, the Philippines SEC has released an official warning about Bitcoin “cloud mining” company Mining City, advising the public to steer clear of the scheme and others like it. Despite the official condemnation, the price of a related cryptocurrency is on the rise. The warning describes the company as an unlicensed entity in the country and said it was not functioning “in accordance with guidelines for virtual currency exchanges.”
The regulator told the public “not to invest or stop investing in plans offered by Mining City or by entities that engage in smart contracts, cryptocurrencies or digital asset exchanges that are not registered with the commission,” adding that promoters could be criminally prosecuted with fines over $100,000 or imprisonment of up to 21 years.
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