Philippines Regulators Work With US Law Enforcement to Combat Crypto Fraud
In the aftermath of a heinous human trafficiking scandal, the Philippines turns to Gary Gensler's SEC for guidance on stopping crypto scams....
- The Philippines' Securities and Exchange Commission (SEC) has undergone joint training with the US SEC and the Asian Development Bank (ADB) to combat cryptocurrency fraud and scams.
- The training took place under the International Organization of Securities Commissions (IOSCO) and the Filipino SEC has signed IOSCO's Multilateral Memorandum of Understanding regarding crypto scams.
- The scale of the crisis and the recent human trafficking scandal involving crypto scams have prompted regulators to expand their efforts.
- Filipino police conducted raids in May, rescuing over a thousand victims who were forced to work in crypto scams.
- The victims were made to reach out to strangers through social media and WhatsApp, posing as love interests to lure them into investing in fake crypto platforms.
- The Philippines SEC is seeking help to fight crypto fraud and is considering adopting a tougher approach similar to US SEC Chair Gary Gensler's stance on enforcement.
The article highlights the severity of cryptocurrency fraud and scams in the Philippines, with a focus on the recent human trafficking scandal. It suggests that expert training and a tougher approach to enforcement, similar to that of US SEC Chair Gary Gensler, may be necessary to combat these issues.