It has been reported that around 277 Chinese was arrested in the Philippines following a tip from the Chinese Government that a cryptocurrency scam has been operating in one of the Philippines’ special economic zones.
The company under investigation is Grapefruie Services Inc., an authorized service provider for Golden Millennial Quickpay Inc. Ltd., an offshore company providing cryptocurrency service that is licensed to operate in the Philippines by the Cagayan Economic Zone Authority (CEZA).
The raid and subsequent arrest was conducted under the supervision of Immigration agents and were assisted by the Philippine Presidential Anti-Corruption Commission, the Philippines National Police’s Integrity Monitoring and Enforcement Group and the Chinese Ministry of Public Security.
Grapefruit was found to be operating outside of the zone in which it is licensed to conduct business which prohibits them from operating as an investment company, or as a securities broker or dealer.
Headlines for the world of Cryptocurrencies - September 14, 2019
- Condefi Project Launched By ConsenSys
- Paypal Giant Cautious About Its Libra Partnership
- Coinme Gets Financial Support From Ripple To Expand Globally
- New Ethereum-Based Ticketing System To Enhance The Industry
- Top Bank Launches Servies For Petro
Headlines for the world of Cryptocurrencies - September 13, 2019
- CME Wants To Increase Open Position Limits
- S&P 500 Uptrend May Spark Bitcoin Run
- First Ethereum-Based End-To-End Bond Issued By Santander
- Mastercard Now A Member Of The R3 Consortium
- Bitcoin Gets Premier League Exposure
Headlines for the world of Cryptocurrencies - September 12, 2019
- New Powerful Ethereum Miner To Hit Stores Next Year
- New DeFi Cryptocurrency Index Feature In NasDaq
- First U.S. SEC-Approved Token Sale Raises $23 Million
- Binance Futures Daily Trading Volume Reaches $150M
- Houbi Exchange Founder Now CEO At Hong Kong Holding Company
There are many scams. We just need to be careful with our investments.