SEC advisory on Paysbook and Indigen coins

On July 24, 2018, the SEC received information that a new cryptocurrency is made available to the public. The coin is called Indigen, offered by the company operating under the name Paybook E-commerce System Co. LTD. The said company is founded by Arjay Gallenero.

The public is hereby warned that Paysbook is only licensed to engage in the business of information technology and computer services. It does not have a valid license to engage in investment schemes nor to solicit money from the public. Paysbook is said to have lured the public by selling online activation codes in their website ( of offeror). The company claims that people can earn from money by logging in and out of the site and recruiting others. There are also other ways that the people can allegedly earn money such as purchasing an activation code at the price of 1000 pesos, accumulating reward money thru log-ins, log-outs, sign-ins, or receiving commissions.

All these activities must be done under the regulation of the SEC. Hence, the company must acquire
valid registration prior to engaging in such business. The commission of the acts below are punishable by

  • Serving as dealer and broker of the company
  • Causing the creation or distribution of counterfeit public documents
  • Recruiting others to join this venture

For more information, read the full advisory here.

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