The Philippine Stock Exchange (PSE) does not offer any investment products related to blockchain technology or digital currencies, the exchange chairman said in a public warning. All links to the exchange by purported PSE sellers who have lured investors in recent weeks are bogus and fraudulent, the exchange warned.
According to local reports, unknown fraudsters have contacted investors in the Philippines, claiming to be linked to the exchange. The scammers claim to be part of a new team created by the exchange that explores emerging technologies like blockchain and digital currencies. They claim to have cooperated with several banks and financial institutions around the world.
To attract investors, the scammers promised returns of up to 30% or daily returns of up to $ 2,000. They further claim that they will provide a professional tutor for potential investors to teach them how to invest under the program. These so-called guardians “will lead everyone to the freedom of wealth,” they said.
However, as revealed by PSE President and CEO Ramon Monzon, the exchange does not offer any such product.
“The PSE reiterates that it does not sell cryptocurrency and that its employees or agents do not promote, for investment purposes, any specific stock, investment instrument or cryptocurrency,” said Monzon in a review this week.
Monzon urged investors to conduct thorough research before investing in a product, especially when the product promises very high returns.
He added: “The PES reminds the investing public to exercise caution and due diligence in dealing with social media accounts that allegedly offer investments and pose as employees or agents of the stock exchange.”
While it has yet to make any substantial moves in the digital currency sector, the PES has previously claimed it intends to offer a digital asset trading platform. As CoinGeek reported in July, Monzon believes the exchange is more suited and capable of providing digital asset trading services because it has better infrastructure and is able to protect investors.
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