THE SECURITIES and Exchange Commission (SEC) has warned the public against investing in Jump Mining and BFO Trading, saying these companies are not registered with the government.
The two entities do not have licenses and prior registrations to solicit investments from the public, the corporate regulator said in two separate advisories posted on its website.
Jump Mining, Jump Mining Trade Platform, and Jumpmining International Group are allegedly offering investments through social media by engaging in mining machines, according to the SEC.
The entities are providing multicurrency mining services including Dogecoin, Litecoin, Bitcoin, and Ethereum, the regulator noted.
“(They) are currently engaged in mining machines, mining pool, and data centers allegedly located in Ohio, US, and in Hongkong,” the SEC said.
The entities offer five products that promise daily income ranging from 4.13% to 10%, with maturities of 20 to 60 days depending on the product.
Investors can also buy products that may yield higher earnings, ranging from 1.14% to 1.52% daily, but with a fixed maturity of 365 days and a purchase limit of 100.
Meanwhile, the SEC said that BFO Trading reportedly claims to be a legal company that has computing methods that can be used daily to “study the currency fluctuations and later on earn profits from transactions.”
The entity has daily income charts across four different amounts of investments ranging from P500 to P20,000 under a 90-day investment plan profit chart. It offers the investments via social media postings.
Under the 90-day plan, investors could earn P20 to P800 a day depending on their investment.
“After 90 days, the program remains active and continues to earn. As an added enticement, the investor may also receive an award of 10% (on friend’s first recharge) if he or she successfully recruits his/her friend to join the BFO platform,” the SEC said.
The SEC warned that individuals involved with the two entities could face a maximum fine of P5 million, imprisonment for up to 21 years, or both, under Republic Act No. 8799, also known as the Securities Regulation Code. — Revin Mikhael D. Ochave
