WON PROJECT and its WONCOIN are NOT REGISTERED with the Commission and OPERATES WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY to solicit, accept or take investments/placements from the public nor to issue investment contracts and other forms of securities defined under Section 3 of the Securities Regulation Code (SRC).

Date Posted: 6 May 2020



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Based on the information gathered by the Commission,the entitiesoperating under the nameWON PROJECT, WON NETWORK, and WON FOUNDATION (WON PROJECT), the developer of WONCOIN,areengaged in investment-taking activitiesin the Philippineswhich areNOT AUTHORIZED by the Commission.WON PROJECTand its WONCOIN claims that it isbased and developed in Singapore where it asserts that it has a virtual officebut apparently, its main team and managementcomposed of Jay Mark Abenir, Mhedel Ponce,Jhomar S. Montoya,and Jiaxuan Hoan,its Singaporean advisor, operates here in the Philippines.While WON PROJECTavers that itsmain projectsareits mobile applicationand Multi-level Marketing(MLM)platformwhich aim to tokenize OFW remittances,online payments,digital-loadingservices, air ticketing, and travel and tours,its present endeavorsrather suggest thatits primary scheme or objective isgenerally toselland tradeit’s so-called “WONCOIN”to the public.Seemingly, WONCOINis a new type of cryptocurrency being developedby WON PROJECTwhose value appearstoincrease rapidlydue to its limited supply.Thus, to proliferate its investment-taking activities and to lurethe publicinbuyingtheseWONCOINs, WON PROJECTutilizes the social media webpagesand other platforms in order to advertise itsschemesand endorsements and uses the domain “” intransactinginvestmentsfrom the public.As posted online, WON PROJECToffers a number of investment packagesranging from One Hundred to Twenty Thousand US Dollars ($100.00-$20,000.00) with matchingreferraland otherbonuses. To wit:
Based on the foregoing, WON PROJECT promisesadailyprofitof One and a Half Percent (1.5%) during weekdaysfora period of One hundred (100) daysor a total of One Hundred Fifty Percent (150%) return.Investors willearn commissions as well frompurchases made bytheir referralsand shall generate points accordingly based on the number of WONCOINsthey purchased which in return,canbe converted or be traded to cash bonuses includingincentives such asan expensive android phone, Ipad Pro, sedan, SUV,ora local orinternational travel.Moreover, WON PROJECTtook advantage of the current crisis when itoffereda promo thatgivesadditionalFifty Percent (50%) Bonus on WONCOIN purchases during this Covid19 Pandemicfor the purpose of enticingmore investorstojoin itssystemand to possibly earn whilebeingquarantined.As publicized:Inspiteofitslucrative offers and promiseswith little or no riskwhich is already a red flag, WON PROJECTalsoimposesa daily capor safety netwhich tends to limit the potential income of its investors.Notably, the use of said mechanismsareindicationsof a possible Ponzi Schemebecause suchmethodsarefrequently employedby scammers in their operations in order to generate and to secure funds from their new investors which
shallthen be paidas “fake profits” to their earlier investorsso thatit will appear that theirventuresor investment packages arelegitimate.Further, it must be emphasized that WON PROJECT is deemed engaged in offering and selling of securities, in the form of an investment contract, to the public through the offer and sale of usual compensation packages that promises passiveincome to its investors and by “crowdselling”of its WONCOIN which is a form of “derivative”because seemingly, the constantriseofits value relieson the underlying assets or fundsgathered by WON PROJECT from its investors in support of its venture.This is in consonance with theSEC ADVISORY onInitial Coin Offerings and Virtual Currency posted 08 January 2018whichprovides thatsome virtual currencies, based on the facts and circumstances surrounding their issuance, follow the nature of a security as defined by Section 3.1 of the Securities Regulation Code (SRC).Briefly, aCrowdsaleis an act of selling “tokens,”which aretheintrinsic componentsof a cryptocurrency,in orderto raise funds inlieu of rewards and equityinsupport of acompany’scurrentcryptocurrency project on the premisethat the valueof the saiddigital asset will increase onceestablished.With regard to Derivatives, these are securitiesthat derive their value from an underlying asset,benchmark, and/or certainconditions.Necessarily, these securities must be duly registered with the Commission and that any person or entity intending tooffer and sell such securities are required to securethe necessary registration and/or license as well.However, per our record, WON PROJECTand its WONCOIN are NOTREGISTEREDwith the Commissionand OPERATES WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITYto solicit, accept or take investments/placements from the public nor to issue investment contracts and other forms of securities defined under Section 3 of the Securities Regulation Code (SRC).Similarly, their names DO NOT APPEARamong the registered banks, exchanges or companies engaged in digital assets with the Bangko Sentral ng Pilipinas (BSP) as well in accordance with the GUIDELINES FOR VIRTUAL CURRENCY EXCHANGES (BSP CIRCULAR NO. 944) which requires all entities engaged in Virtual Currencies in the Philippinesto obtain a Certificate of Registration to operate as remittance and transfer company pursuant to the BSP rules and regulations.Therefore, thepublic is advisedNOT TO BUY WONCOIN and NOT TO INVEST or STOP INVESTING in any scheme offered by WON PROJECTor such other entities engaged in cryptocurrencies and digital asset trading thatare not registered with the Commissionand the BSP.The Commission already stressed in its earlier Advisories that cryptocurrencies are very volatile and the process of digital asset trading is highly speculative and involves a higher degree of risk.Hence, any dubious promise of definite returns similar to WON PROJECTand its WONCOINis truly unreliable
because such scheme is too good to be true and entities offering the same are mostly engaged in Ponzi Schemesand are usually short-lived.Thus,thepublicmust be cautious and prudent in making or placing monies on theirschemes.Nonetheless, the Commission will continuously monitor and oversee these entitiesand their activities in a way that it sees as proper in order to protect the investing public.Consequently,the Commission warns all unscrupulous individuals and/or entities thatstrict penalties are imposed for violations ofthe Securities Regulation Code, the Revised Corporation Code, and such other rules and regulation it enforces.Apart thereof, the Bayanihan to Heal as One Act(Republic Act No. 11469) also punishes those participating in cyber incidents that make use or take advantage of the current crisis situation to prey on the public through scams, phishing, fraudulent emails, or other similar acts.In addition, those who act as salesmen, brokers, dealers or agents ofsuch unauthorized entitiesin selling or convincing people to invest in theirinvestment scheme offeredincluding solicitations and recruitment through the internet may likewise be criminally prosecutedand penalized with a maximum fine of Five Million pesos (P5,000,000.00) or a penalty of Twenty-one (21) years of imprisonment or both pursuant to Sections 28 and73 of the SRC. In the same manner, those who inviteor recruit others to join or invest in such venture or offer investment contracts or securities to the public like Abigael Villafuerte, Jin Alba, Edwin Pantas, Lilibeth Arzadon, and Bobby Alvarezof WON PROJECT,may incur criminally liability, or otherwise be sanctioned or penalized accordingly as held by the Supreme Court in the case of SECvs. Oudine Santos(G.R. No. 195542, 19 March 2014).The names of all those involved will also be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be correspondingly assessed.Should you have any information regarding any investment solicitation activity by any individual or group of individuals representingWON PROJECTand its WONCOIN, please send your report to the EIPD the guidance of the public. Pasay City, 05May2020