Based on reports and information gathered by the Commission, the entity operating under the name CRYPTOPAYZ by a certain WESLEY “BILLION DOLLAR” VIRGIN along with his supposed partner SEYI ADELEKEwho both appear to be flaunting synthetic or fraudulent personalities is soliciting investments in the Philippines WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY from the Commission.
Purportedly, CRYPTOPAYZ is offering a unique system that vaguely lets its users turn any computer or phone that has access to the internet into a “crypto extraction machine” which can gather free cryptocurrencies without even dwelling into mining and/or trading for an introductory price of just USD $19.00.
However, to further utilize its systemin order to earn lucrative passive returns, CRYPTOPAYZis also offers a number of packages for a fee ranging from USD $27.00 to $97.00with corresponding benefits, bonuses, and earnings that seem to be “too good to be true” considering the apparent absurdity of its scheme coupled with its promise of little or no risk which are indications of a possible “Ponzi Scheme.”
Despite being a probable scam, since what is being offered by CRYPTOPAYZare securities, Section 8 of the Securities Regulation Code requires that all offers and sales of securities must be duly registered with the Commission and that the concerned entity and/or its agents must have the appropriate registration and/or license to offer and/or sell such securities to the public.
