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Philippines SEC Issues Cease and Desist Order on PAYASIAN/PAYA COINS

Philippines SEC Issues Cease and Desist Order on PAYASIAN/PAYA COINS

[Update] March 29, 2020 – The Securities and Exchange Commission (SEC) released a cease and desist purchase against PAYASIAN for offering an unauthorized investment scheme involving a supposed “cryptocurrency” called PAYA COINS.

On March 20, 2020, SEC ordered Payasian to immediately cease and desist for “further participating in, promoting, and facilitating attempting to sell and/or offering for purchase securities in the form of investment contracts and/or other activities/transactions.”

The Commission additionally prohibited the company from transacting any company funds that are involving its depository banking institutions, and from transferring, disposing, or conveying in almost any way all associated assets for the investors.

The SEC’s stop and desist order covers Payasian’s lovers, operators, directors, officers, salesmen, promoters, and all people claiming and acting for and on the ongoing company’s behalf.

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SEC confirms Payasia registered as a firm in 2019 august. However, its registration didn’t permit the company to take part in offering securities to the public, which needed a license that is secondary the SEC. The Commission’s Markets and Securities Regulation Department and Corporate Governance and Finance Department confirmed that Payasias did not apply for enrollment as issuer of securities nor did it make application for a permit to provide them.

However, SEC found that Payasian is securities that are offering the type of investment contracts.