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LEEFIRE/LEEFIRE LIMITED/LEEFIRE PH/LEEFIRE PHILIPPINES
LEEFIRE/LEEFIRE LIMITED/LEEFIRE PH/LEEFIRE PHILIPPINES is not registered as a corporation or partnership and is not authorized to solicit investments from the public

Date Posted: 26 April 2022

LEEFIRE LIMITED PHILIPPINES

LEEFIRE LIMITED PHILIPPINES

SEC Facebook

Based on information gathered by the Commission, a number of individuals or
group of persons claiming to represent are
enticing the public to invest their money in said entity.
Based on the contents of posts found online on LEEFIRE LIMITED PHILIPPINES is offering investments to the public
through the website:
https://leefire.com
or
through a
mobile application available in
G
oogle
P
lay
S
tore. Signing up through
a
personal mobile number will entitle
investors
to
receive
a cash bonus of PHP 120 which can be used to buy corresponding
level of
goods.
Consequently, by accomplishing a higher

level of task, users may
earn more commission & rewards.
Also
,
if the user
is able to invite another friend/s,
the user will
earn an
additional PHP 120.
Posts further show that LEEFIRE LIMITED PHILIPPINES offer different level of products.
The
l
owest level of product is referred
to as Level 1 priced at PHP120
, while
level 2, level 3, level 4, level 5
, level 6, level 7,
and level 8 are priced at PHP 500
;
PHP1
,
500
;
PHP 4
,
500
;
PHP 13
,
000
;
PHP
40
,
000
;
PHP 120
,
000
;
and PHP 360
,
000
,
respectively.
Investors earn by completing
a

click farm task.

For every level, the
investor should complete eighteen (18) orders per day to maximize earnings for
each day.
Assuming that the value of one LFC is PHP 1 and the user completes 18
orders per day of the level availed
of
, earnings accumulate to
approximately 24%
up to 50% on click farm task only.
In addition to earnings by farm clicking, LFC
coin
can be earned for every
successful order.
It is claimed that the
LFC is expected to launch on mainstream
exchanges before 30 June 2022. Also,
mentioned
in the application
is that:
“…
LFC can be exchanged for pesos
at a ratio
of 1:1.1 before launch on the exchange to fully realize
full circulation, and it is estimated that it can be
exchanged for pesos at a ratio of 1:10 or
higher after
launch
.”
To
withdraw
LFC earnings, the investor must invite friends to top up
any
amount, unlocking the withdrawable LFC earnings, hence releasing LFC earnings to
the investor’s account. Also
,
the investor receives additional earnings and LFC
equivalent to 15% of the
friend’s
top up value.
Furthermore, investors may also earn through “Team Share”. Team Share is
earned by inviting more investors through a referral link.
1.
First Level Friends

when an invest
or is able to invite another investor
and
will
earn
a portion
of
recruited investor’s profit;
2.
Second Level Friends

whe
n
the
First Level Friend is able to recruit
another investor. The user will earn a portion of the Second Level Friend’s
profit; &
3.
Third Level Friends

when the Second Level Friend is able to see
k an
investor, the user will be able to earn a portion of profits earned.
Team Share commission
s
vary depending on the level acquired.
Investors can advance to higher levels by topping up amount needed to
avail
of
the desired level.
There are two ways to top up:
1.
Gcash; and
2.
Coin
recharging

Investors may top up with USDT
(Tether)
.
LEEFIRE gives
six (6) percent free
cash when choosing this option to

recharge.

Investors who top up successfully are entitled to Top up rewards
. Top up
rewards vary depending on the amount recharged. The
reward is computed as Top
up amount times the corresponding percentage as shown below.
TEAM SHARE
First Level
Friends
Second Level
Friends
Third Level
Friends
Level 1
6%
3%
1%
Level 2
7%
3%
1%
Level 3
13%
6%
3%
Level 4
16%
6%
3%
Level 5
19%
8%
4%
Level 6
23%
8%
4%
Level 7
27%
10%
5%
Level 8
32%
10%
5%
Moreover
,
if the accumulated top up value of the First Level Friend reaches
a minimum of PHP 2
,
000,
the user may claim additional earnings maximum of
approximately 30% up to 60% for premium products per day
.
Upon further investigation,
posts have been found claiming that
LEEFIRE/LEEFIRE LIMITED/LEEFIRE PH/LEEFIRE PHILIPPINES
plans to expand
through
CITY
PARTNERS
. Aside from the earnings, commission and rewards
mentioned earlier, city partners
gain benefits and may earn more.
As the above described schemes involved the sale of securities to the public, the
Securities Regulation Code (SRC) requires
that these securities are duly registered and that
the concerned corporation and/or its agents have the appropriate registration and/or license
to sell such securities to the public pursuant to Section 8 of the SRC.
The records of the Commission show that
LEEFIRE/LEEFIRE LIMITED/LEEFIRE
PH/LEEFIRE PHILIPPINES
is not registered with the Commission either as a corporation or
as a partnership
.
Further, it is
NOT AUTHORIZED
to solicit investments from the public since
it has not secured prior registration and/
or license from the Commission as prescribed under
Sections 8 and 28 of the SRC
.
F
urther, since
LEEFIRE/LEEFIRE LIMITED/LEEFIRE PH/LEEFIRE PHILIPPINES
is
also promising its investors to receive
its native cryptocurrency
“LFC
coin”
in an
apparent
Initial Coin Offering
(ICO)
, it is apt to once again
remind the public that in our
SEC
Advisory
on
Initial Coin Offerings
and
Virtual Currencies
posted
08 January 2018
, an
ICO
is the
first sale and issuance of a new virtual currency to the public
usually for the purpose of raising
capital for start

up companies or funding independent projects.
Thus, depending on the facts and circumstances surrounding their issuance, some of
these new virtual currencies follow the nature of a security as defined b
y Section 3.1 of the
Securities Regulation Code (SRC) whereby a person invests money in a common enterprise
and is led to expect profits primarily from the efforts of others.
The same goes for the
LFC coin
where
LEEFIRE/LEEFIRE LIMITED/LEEFIRE
PH/LEEFIRE PHILIPPINES
seeks to use the money it gathered from the public to fund its
purported project on the promise of profits.
Hence, since what is being offered by
LEEFIRE/LEEFIRE LIMITED/LEEFIRE
PH/LEEFIRE PHILIPPINES
are securities,
Section 8 of the SRC requires that all offers and
sales of said securities must be duly registered with the Commission
and
LEEFIRE/LEEFIRE
LIMITED/LEEFIRE PH/LEEFIRE PHILIPPINES
and/or its agents must have appropriate
registration and/or l
icense to offer and/or sell such securities to the public.
LEEFIRE/LEEFIRE LIMITED/LEEFIRE PH/LEEFIRE PHILIPPINES
is
NEITHER
REGISTERED
a
s a Virtual Asset Service Provider (VASP)
with the Bangko Sentral ng
Pilipinas (BSP)
and
DOES NOT HAVE A CORRESPONDING
CERTIFICATE OF
AUTHORITY
as a Money Service Business
(MSB)
required under the Guidelines for Virtual
Asset Service Providers
(BSP Circular No. 1108, Series of 2021)
.
Further,
LEEFIRE/LEEFIRE LIMITED/LEEFIRE PH/LEEFIRE
PHILIPPINES
’s
name
DOES NOT APPEAR
among those
list
ed as
registered MSBs as of January 2021 with the
Anti

Money Laundering Council
under the Anti

Money Laundering Act
.
T
hose who act as salesmen, brokers, dealers or agents or claim to act as such for
LEEFIRE/LEEFIRE LIMITED/LEEFIRE
PH/LEEFIRE PHILIPPINES
in selling or convincing
people to invest in the investment scheme being offered by said entity including solicitations
and recruitment through the internet may be prosecuted and held criminally liable under
Section 28 of the SRC an
d penalized with a maximum fine of Five Million pesos
(P5,000,000.00) or penalty of Twenty

one (21) years of imprisonment or both pursuant to
Section 73 of the SRC.
Also, those who invite or recruit others to join or invest in such venture or offer
invest
ment contracts or securities to the public may incur criminally liability, or otherwise be
sanctioned or penalized accordingly as held by the Supreme Court in the case of
Securities
and Exchange Commission vs. Oudine Santos
(G.R. No. 195542, 19 March 2014)
.
The public is advised
NOT TO INVEST
or
STOP INVESTING
in any investment scheme
being offered by any individual or group of persons allegedly for or on behalf of
LEEFIRE/LEEFIRE LIMITED/LEEFIRE PH/LEEFIRE PHILIPPINES
and to exercise caution
in dealing with any individuals or group of persons soliciting investments for and on behalf of
it.
Should you have any information
on any recruitment or securities solicitation activities
being undertaken by persons or group of persons claiming to represent
LEEFIRE/LEEFIRE
LIMITED/LEEFIRE PH/LEEFIRE PHILIPPINES
you may send your reports to the
Enforcement and Investor Protection Depa
rtment
through email
at
epd@sec.gov.ph
.
For the guidance of the public.
Pasay City,
2
6
April
2022
.