Philippines Regulators Work With US Law Enforcement to Combat Crypto Fraud

BeInCrypto
BeInCrypto

19 Sep 2023 7:48 PM

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.

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You May Ask

What organizations were involved in the joint training conducted by the Philippines SEC?What is the significance of the Multilateral Memorandum of Understanding signed by the Filipino SEC?How did Filipino police discover the human trafficking ring involved in crypto scams?What approach does US SEC Chair Gary Gensler advocate for combating crypto fraud and scams?What impact do crypto scams have on the image and reputation of cryptocurrencies?

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