BITBANKUPS.COM is NOT registered with the Commission and operates without the necessary license and/or authority
Date Posted: 30 November 2022
This Advisory is prompted by reports received by the Commission on the
unauthorized investment-taking activities of BITBANKUPS.COM. According to reports received by the Commission, the alleged scams were
proliferated through the website called BITBANKUPS.COM. People who invested
their hard-earned money were reportedly left dry by the administrators of the website
as they were not able to withdraw their investments when the website closed and
Further, based on information gathered from the said reports and data from
open sources, BITBANKUPS.COM engaged in investment-taking activities by offering
a platform that makes it appear that they are offering a virtual asset or currency that
earns from commissions and referrals.1 BITBANKUPS.COM is enticing the public to
invest in their virtual currency “BBT.” BITBANKUPS.COM offers their prospective investors a guaranteed profit
through commissions. The investors are to invest an initial capital of at least $100.00
US to $5000.00 US all in USDT or Tether2 and will earn through ‘commissions.’ The
potential profit through this option depends on the time of the lock-in period or
Commission Period. The longer the waiting time or Commission Period, the higher the
profit wherein the investor need do anything but wait for the lock-in period to lapse.
Thus, investors are promised to earn 0.8% a day to as high as 528% in 240 days. In addition to the profit from the supposed commissions discussed above,
BITBANKUPS.COM also offers referral bonuses where you can earn extra from
referrals. The investors are further promised a profit each time they have successfully
recruited an individual to invest in their scheme. Further, BITBANKUPS.COM also offers incentives or bonus from logging in to
their website. Every time a user checks in to their website or mobile application, the
users are rewarded. The rewards increase depending on how many consecutive days
they check in to the website or mobile application. This incentive or bonus is only an
option but the investor will still earn through the commissions from their investment. The investment-taking schemes employed by BITBANKUPS.COM are
investment contracts as they involve the offering and sale of securities to the public
where their investors need not exert any effort other than to invest or place money in
its scheme with the reasonable expectation of profits through the efforts of others.
Scams like the one which was proliferated through BITBANKUPS.COM are
NOT UNCOMMON. Illegal investment-taking schemes which often victimize the
investing public takes many forms.
Corporations and other entities must be duly registered with the Commission
and that any person or entity intending to offer and sell its investment contract are
required to secure the necessary registration and/or license from the
Commission as provided under the Securities Regulation Code.
Entities or corporations that offer securities to the public that lack prior
registration with the Commission makes its activities illegal for lack of the necessary
licenses and authority from the SEC. The need for registration is imperative in
order to protect the investing public from investment-taking schemes that might
be taking advantage of the general public’s hard-earned money.
However, based on the records of the Commission, BITBANKUPS.COM is
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).
Hence, the public is advised NOT TO INVEST or STOP INVESTING in
BITBANKUPS.COM’s investment-taking scheme who operate without the
necessary licenses and/or authority from the Commission and NOT TRUST ENTITIES
THAT LACK PRIOR REGISTRATION AND SECONDARY LICENSE TO TAKE
INVESTMENT FROM THE PUBLIC.
Accordingly, the Commission warns all unscrupulous individuals and/or entities
that strict penalties are imposed for violations of the Securities Regulation Code,
the Revised Corporation Code, and such other rules and regulations enforced
by the Commission.
Those who act as salesmen, brokers, dealers or agents of such unauthorized
entities like the operators of the BITBANKUPS.COM in selling or convincing people
to invest in their investment scheme offered including solicitations and recruitment
through the internet may likewise be criminally prosecuted and 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 Section 73 of the SRC.
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 assessed
Should you have any information regarding any investment solicitation activity
by any individual or group of individuals that proliferate like the aforementioned illegal
investment-taking schemes, please send your report to the EIPD at firstname.lastname@example.org.