The Philippines Securities and Alternate Fee (SEC) launched an advisory in opposition to MASA MART for encouraging the general public to put money into a digital forex referred to as XUM TOKEN or XUMCOIN, which stands for X for cryptocurrency United Masa, a rebrand of UMC or “United Masa Coin,” with out the mandatory licenses to take action.
In accordance with the SEC report, the scheme was being promoted on-line by means of completely different functions/web site:
a) UMCautobot, XUM/USDT/BOT and XUMUSDT_BOT;
b) XUM Pockets App, which, in flip, is promoted by XUM Basis and XUM Alternate Ltd.
c) Web sites equivalent to https://xumexx.information, https://app.xumex.com, https://trade.xumchain.com and https://xumchain.com
Its brokers and promoters are promising that the token worth of Php 5.00 will improve as much as Php 50 to Php 70 by subsequent 12 months. If holders stake (the thought of locking their cash & not promoting it at a sure time frame) their token, it’s going to generate six (6%) as much as fifteen (15%) revenue primarily based from their complete capital.
SEC highlights that XUM Token or XUMCoin isn’t listed or not posted in World Coin Index and CoinMarketCap and that it’s not tradeable in comparison with tokens listed in exchanges regulated by the Bangko Sentral ng Pilipinas (BSP).
SEC informs the general public “NOT TO INVEST or STOP INVESTING in any scheme supplied by any entities working underneath TBCMMP MASA MART INC., MASA MART BUSINESS CENTER OPC, MASA MART ENTERPRISE OPC, MASA MART BUSINESS CENTER, MASA MART FOREX GENERAL TRADING, MASA FOREX GENERAL TRADING LLC, MASA MART FOREX GENERAL TRADING LLC-UAE & XUM FOUNDATION and such different entities engaged in related actions or preliminary coin choices & digital asset buying and selling which aren’t compliant with the BSP and the Fee.”
SEC additionally confirmed that this can be a ponzi scheme and warned that these individuals who act as salesmen, brokers, sellers or brokers could also be criminally prosecuted & penalized with a minimal tremendous of 5 Million pesos (Php 5,000,000) or be penalized by Twenty-one (21) years of imprisonment or each pursuant to Sections 28 & 73 of the SRC.
Anybody with details about Masa Mart or XUM Token enterprise operations of its brokers or representatives are inspired to report it to the SEC through [email protected].
This text is revealed on BitPinas: PH SEC Advisory Against MASA MART – XUM TOKEN – Investment Scheme