Philippine SEC warns against investing in Tether Pay cryptocurrency project

The Philippine Securities and Exchange Commission (SEC) has warned the public against investing in Tether Pay, an unregistered cryptocurrency project. Tether Pay organizer Rendon Duran illegally raised capital by promising investors up to 210% in 70 days or 3% per day on their investments, according to an SEC publication.. Investors were guaranteed the ability to withdraw their funds at any time. Duran claimed that Tether Pay is considered “the most stable USDT smart contract” and offered users to earn even more money through attracting referrals. The regulator warned that Tether Pay also operates under the names, Tether Pay Ltd and Tether Pay Limited.. However, all of these organizations are not registered with the SEC, which violates securities laws.. Therefore, the agency called on local and foreign citizens to stop any investment in Tether Pay so as not to be at risk of losing funds. The regulator also warned the promoters of the scheme that inviting people to invest in illegal investment contracts could result in up to 21 years in prison and a fine of up to 5 million Philippine pesos (about $89,698). Over the past 12 months, the Philippine SEC has tightened its oversight of the cryptocurrency industry and issued over 100 warnings about such schemes.. Recently, the regulatory body reported on the Bitbankups scam project, the creators of which promised investors fabulous profits, but did not return their invested money. The Central Bank of the Philippines is also suspicious of cryptocurrencies due to their associated risks.. So, on September 1, the Central Bank of the Philippines suspended the registration of virtual asset service providers (VASPs) for three years.