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Philippine regulators identified guaranteed daily returns of 1% to 2% as the clearest red flag of a crypto Ponzi scheme. Platforms must secure both an SEC secondary license and a BSP VASP certificate to operate legally.
Philippine regulators halted operations at Riscoin and BG Wealth Sharing Ltd. after discovering they were soliciting investments through unregistered crypto schemes. The enforcement action followed months of warnings that both firms ignored.
The Securities and Exchange Commission froze assets and issued cease and desist orders against two unregistered crypto investment schemes this May. BG Wealth Sharing specifically targeted overseas Filipino workers, offering 1.3% daily interest through its DSJ Exchange platform.
Three foreign nationals convicted of running a human trafficking operation at a Pampanga crypto scam hub will serve life sentences. The operation forced over 1,000 workers to lure targets into fake cryptocurrency investments under brutal conditions, working 16-18 hours daily on one meal per shift.
Stablecoins like USDT and USDC are reshaping how Latin Americans use crypto daily. While Bitcoin remains the region's dominant store of value at 52% of portfolios, stablecoins now account for 40% of all transactions—double Bitcoin's 18% purchase share—according to Bitso's annual adoption report covering its nearly 10 million retail users.