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SEC Warns the Public Against Investing in Axie Operators “Pogi Breeds International”


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By Shiela Bertillo

An advisory published last Tuesday, September 28, by the Securities and Exchange Commission (SEC) warned the public against dealing with Pogi Breeds International, a group of individuals that plays play-to-earn game Axie Infinity through soliciting investments from the public.

Pogi Breeds offers a Co-Partnership program, wherein an investor is enticed to invest  an amount  ranging  from P5,000  up  to  P250,000  with promised  return of investment  ranging  from  P100  to  P25,000  daily; which is 2%  daily  to 10% weekly earnings for 45 days. As well as a total contract earnings ranging from P4,500.00 up to P225,000.00 or 90% per contract after a month and a half.

Accordingly, the group assures its co-partners that the capital will be returned after 59 days or at the end of the contract. Moreover, it also promises that its clients can “Request for profit” and “Cash-Out” during Mondays and Thursdays.

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“The co-partnership program offered by Pogi Breeds clearly falls under the definition of securities in the form of an investment contract which is mandated by Republic Act No. 8799 or the Securities Regulation Code (SRC) to be registered with the commission before these securities are offered to the public,” the SEC stated.

According to Section 8 of the SRC, the regulator noted that Pogi Breeds and all its affiliated brands are not permitted to solicit investments from the public, since it has no prior registration and license to solicit investments from the commission. The law sets a penalty of a maximum fine of P5 million or imprisonment of 21 years or both.

“The public is hereby warned that such investment schemes are considered as securities subject to the regulatory authority of this commission. The offering and selling of securities to the public without a permit or license is a violation of Section 8.1. of the Securities Regulation Code,” it said.

Consequently, SEC also reminds the public that Axie Infinity and Sky Mavis, its developer, are both unregistered and are unlicensed to do business in the Philippines as a branch  and do not possess any secondary license to conduct any regulated activity within the country.

Although recently, SEC and the Bangko Sentral ng Pilipinas (BSP) stated that Axie Infinity is not required to register with them right now, however the regulating agencies are still closely monitoring the game. (Read more on: BSP, SEC: Axie Infinity Aren’t Required to Register Yet)

“In view thereof, the public is hereby advised to exercise caution before investing in these kinds of activities  and  to  take  the necessary precautions in dealing with

Pogi Breeds and its affiliated groups and its representatives,” the agency reiterated. 

This article is published on BitPinas: SEC Warns the Public Against Investing in Axie Operators “Pogi Breeds International”

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Source: https://bitpinas.com/regulation/sec-axie-operators-pogi-breeds/

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