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Manila Bulletin devider Business devider SEC stops 'Payasian' from selling cryptocurrency

SEC stops 'Payasian' from selling cryptocurrency

Published Mar 29, 2020 12:00 am
By James A. Loyola The Securities and Exchange Commission (SEC) has ordered Payasian Pte. Ltd. Corporation to stop en-ticing the public into invest¬ing in an alleged cryptocurrency called Paya without the necessary license. In an order, the Commission directed Payasian to “immediately cease and de¬sist under pain of contempt from further engaging in, promoting and facilitating selling and/or offering for sale securities in the form of investment contracts and/ or other activities/transac¬tions.” The SEC also prohibited Payasian from transacting any business involving funds in its depository banks, and from transferring, disposing, or conveying in any manner all related assets for the benefit of the investors.The cease and desist order covers the corporation’s partners, operators, directors, officers, salesmen agents, representatives, promoters, and all persons, conduit entities and subsidiaries claiming and acting for and on its behalf. Under its investment scheme, Payasian enticed investors to buy Paya Coins and hold them for six months in order to receive 30 percent additional Paya Rewards. It also offered referral rewards. Payasian offered “Sharer Packages” starting at P8,145 for 1,040 Paya tokens with a maximum commission of ₱500 a day. One may invest as much ₱5,800,058 to buy 740,749 Paya tokens and receive a maximum commission of ₱10,000 a day.
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