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Philippines Regulators Work With US Law Enforcement to Combat Crypto Fraud

Press Releases Crypto News BeInCrypto Philippines Regulators Work With US Law Enforcement to Combat Crypto Fraud

How bad has the problem of cryptocurrency fraud and scams has gotten in the Philippines? The nation’s financial regulators have looked abroad for expert help.

The Philippines’ Securities and Exchange Commission (SEC) has undertaken joint training with the US SEC, according to a new report in The Asset. The Asian Development Bank (ADB) was also part of the training workshop.

The Philippines SEC and the US SEC Have Common Goals

The workshop reportedly took place last month under the auspices of the International Organization of Securities Commissions (IOSCO). The Filipino SEC has also reportedly signed IOSCO’s Multilateral Memorandum of Understanding with regard to crypto scams.

It is not hard to understand the regulators’ motives for expanding their efforts to combat crypto fraud. Just look at the sheer scale of the crisis. Not to mention the lurid stories that have drawn international attention in recent months.

At the beginning of May, Filipino police conducted raids aimed at breaking up human trafficking networks. In total, they reportedly rescued more than a thousand victims. The captives hailed from at least nine nations in Asia. The traffickers had put them to work against their will as callers and texters in crypto scams.

The traffickers forced their captives into a compound two hours outside Manila. There, the hapless victims had no choice but to reach out to strangers via social media and WhatsApp.

The goal? To commit romance and pig butchering scams. The strangers contacted would think they had a new love interest. Flush with excitement, they would invest their funds in a fake crypto platform.

Filipino officials report

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Author: Michael Washburn

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