In a statement Thursday, the commission said it will institute appropriate administrative and criminal actions against any persons or entities found to act as solicitors, information providers, salesmen, agents, brokers, dealers or the like for and on their behalf.
The SEC also prohibits Xian Coins and its officials from transacting any business involving the funds covered by this cease and desist order in its depository banks, and from transferring, disposing, or conveying in any manner, all assets, properties, real or personal, including but not limited to bank deposits, of which they may have any interest, claim or participation whatsoever, directly or indirectly, under its custody, to ensure the preservation of the assets for the benefit of the investors.
Xian Coins claims to be a centralized digital currency powered by the Etherium Blockchain that is exclusively traded by its coin holders. Holders of XNC are promised that they will enjoy a high range of price stability and appreciation of value due to the fact that it is taking advantage of a single, centralized supply chain.
“We hope you could help us share this information to the investing public, especially since the SEC Davao Extension Office has received numerous complaints against Xian Coins representatives and agents operating in its AOR,” the statement reads.
The SEC also encourages the public to report to EIPD at epd@sec.gov.ph. should they have any information regarding any investment solicitation activity by any individual or group of individuals representing Xian Coins.