RATE Group | SEC warns public against investing in Paya cryptocurrency
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SEC warns public against investing in Paya cryptocurrency

31 Mar SEC warns public against investing in Paya cryptocurrency

Posted at 07:37h in Cryptocurrency News by

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CEBU CITY, Philippines—The Securities and Exchange Commission (SEC) has cautioned the public against investing or promoting Paya, a cryptocurrency offered by Payasian Pte. Ltd. Corp.

In an emailed press release, SEC bared that it has issued a cease and desist order against Payasian, directing it to stop enticing the public to invest in the so-called Paya cryptocurrency because it did not have the necessary license.

The commission explained that Payasian registered as a corporation in August 2019.  However, its certificate of registration did not include an authority for the corporation to sell or offer securities to the public, an activity that requires a secondary license from the SEC.

In its order issued on March 20, 2020, the commission directed Payasian to “immediately cease and desist under pain of contempt from further engaging in, promoting and facilitating selling and/or offering for sale securities in the form of investment contracts and/or other…

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