Philippines SEC warns of ‘cloud mining’ Ponzi related to Bitcoin Vault By Cointelegraph


Philippines SEC warns of ‘cloud mining’ Ponzi related to Bitcoin Vault

The Philippines SEC has released an official warning about (BTC) “cloud mining” company Mining City, advising the public to steer clear of the scheme and others like it. Despite the official condemnation, the price of a related cryptocurrency is on the rise.

The warning describes the company as an unlicensed entity in the country and said it was not functioning “in accordance with guidelines for virtual currency exchanges,” stating:

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