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Regulator issues warning vs Purewealth EBC Corporation

On July 24, 2018, the Securities and Exchange Commission released an advisory informing the public that Purewealth EBC Corporation offers a cryptocurrency called Purepound. While the said corporation is registered with the SEC, its license does not include the right to solicit money from the public in the manner above-mentioned. Its license only includes engaging in wholesale activities.

Based on the findings of the SEC, the said company has conducted several events throughout the country and has used online platform to promote this business scheme. These activities are made in violation of the Securities Regulation Code. The company buys and sells their cryptocurrency Purepound at http://cryptrade-asia.com. Purepound is likewise offered in Purewealth’s website. The company is also scheduled to have events in promotion of the cryptocurrency in various provinces in the country.

The launch of the Initial coin offering is also scheduled to happen on September 22, 2018. Purepound claimed to have submitted an application for registration. This is not true per the records of the SEC. There is no pending application with the commission for the registration of Purepound. Purewealth Corporation have not submitted likewise a secondary license application for the new
venture.

The SEC warns the public to take precautionary measures before investing money in these kinds of activities. Only when the said company has successfully registered and gained the right to trade securities will it be permissible for the public to engage with the company’s agents, brokers, or dealers. Otherwise, any activity related thereto is made contrary to law.

For the full text, visit the SEC website.

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