“MILLION MONEY” or “MILLION.MONEY” is not registered with the Commission as a corporation or partnership and NOT AUTHORIZED TO SOLICIT INVESTMENT FROM THE PUBLIC as the above-mentioned entity did not secure prior registration and/or license to solicit investment from the Commission as prescribed under Section 8 of the Securities and Exchange Commission.
Date Posted: 14 July 2020
The Securities and Exchange Commission(“Commission”)has received information that individuals or group of persons of person representing “MILLION MONEY”or “MILLION.MONEY”andpromotes “ETHEREUM” and “ETHEREUM SMART CONTRACT.”Based on the website, it claims that: it is a smart contract or application running on the Ethereum cryptocurrency network. The application code is programmed to distribute incoming transfers among participants according to a specific algorithm”and ”distribute incoming transfers among participants to a specific algorithm”.Agents ofMILLION MONEYdeclares that it has no project administrator or admin, it is “100% decentralized DAPP, peer 2 peer payment, impossible to scam and impossible to hack.”Further, these agents advertise that Million Money turns a new member’s 0.03 ETH into 1,240 ETHsin 100 days.
Based on information gathered by the Commission, in order to become a memberin the Philippines,depending on the package availedof, one must pay an amount ranging from not less than P500 to 510pesos, and promises apotential income ranging from P100.00to 16,000,000.00within 100 daysby inviting two (2) persons as downlines.To join, an applicant must do the following:1.Download “Trust Wallet” using “Google Playstore”;2.Create a “Wallet” in the Trust Wallet;3.Download and use “Coins.ph”;4.Pay P500.00 to P510.00;5.Send “Ethereum” to Trust Wallet using “Coins.Ph”;6.Register in the website to gain access to the Million.Money dashboard;There are at least five (5) ways to earn, to wit:1.Potential Levelling Income-Subjecton the level (Level 1 to Level 10) a team/group may promise 0.01 ETH or P100.00 to 1,280 ETH or P12,800,000.00 or P500.00 to P16,000,000.00 income within 100days.2.Leveling Program(No need invite)-first come, first served. Under this program, an individual can still earn despite no recruits. Team members who actually recruited the downlines earns commission.3.Direct Referral Bonus-0.0025 ETH or P25.00
4.Income per Upgrade/Upgrade income-P50.00 to P1,200.00 5.Weekly BonusBased on the foregoing, such investment schemes adapted by “MILLION MONEY” or “MILLION.MONEY” are considered as securities subject to the regulatory authority of this Commission. The offering and selling of securities to the public without a permit or license is a violation of Section 8.1. of the Securities Regulation Code.Per recordsof the Commission, “MILLION MONEY” or “MILLION.MONEY” is not registered with the Commission as a corporation or partnership and NOT AUTHORIZED TO SOLICIT INVESTMENT FROM THE PUBLICas the above-mentioned entity did not secure prior registration and/or license to solicit investment from the Commission as prescribed under Section 8 of the Securities and Exchange Commission. Likewise, its name DOES NOT APPEAR among the registered banks, exchanges or companies engaged in digital assets with the Bangko Sentral ng Pilipinas (BSP) in accordance with the GUIDELINES FOR VIRTUAL CURRENCY EXCHANGES (BSP CIRCULAR NO. 944) which requires all entities engaged in Virtual Currencies in the Philippines to obtain a Certificate of Registration to operate as remittance and transfer company pursuant to the BSP Rules and Regulations. In the same manner, those who invite or recruit other people to join or invest in this venture or offer investment contracts or securities to the publicmay be held criminally liable under Section 28 of the SRC penalized with a maximum fine of Five Million Pesos (P 5,000,000.00) or imprisonment of Twenty One (21) years or both pursuant to Section 73 of the SRC (SEC vs. Oudine Santos G.R. No. 195542, 19 March 2014).Thus, the public is hereby WARNEDthat the scheme employed by “MILLION MONEY” or “MILLION.MONEY” clearly shows indication of possible Ponzi Scheme where monies from new investors are used in paying “fake profits” to prior investors and is designed mainly to favor its top recruiters and prior risk takers and is detrimental to subsequent member in caseof scarcity of new investors. Accordingly, the public is advised NOT TO INVESTor STOP INVESTINGin any scheme offered by any individuals/entities operating under the MILLION MONEYor MILLION.MONEYor such other entities engaged in similar activities or initial coin offerings and digital asset trading which are not compliant with the BSP and the Commission. Should you have any information regarding the operation of the MILLION MONEYor MILLION.MONEY, please send your report to the Enforcement and Investor Protection Department at email@example.com. For the guidance of the public. Pasay City, 14 July 2020