The Philippines securities regulator has once again halted a digital asset-themed investment project on allegations of fraud. Astrazion Group has been under the regulator’s radar since earlier this year, culminating in a cease and desist order against the firm.
The Securities and Exchange Commission (SEC) issued the order against the Astrazion Global Holdings Philippines, Astrazion International, and Astrazion Noble Task Community Foundation, all collectively known as Astrazion Group. It also issued a ruling against the orchestrators of the scheme.
In its order, which was filed specifically by the Enforcement and Investor Protection Department, the watchdog ordered the company to stop engaging in “unlawful/unauthorized solicitation, offer and/or sale of securities until it has filed the requisite registration statement and secured the necessary approval from the SEC.”
Astrazion has allegedly been offering its native digital currency, AZNT token, through an illegal multi-level marketing platform. Through this platform, the company, its founders, and its hundreds of promoters have been promoting the sale of AZNT for $0.0019.
“The Astrazion Group enticed the public to invest by assuring members that the AZNT Tokens will be registered and listed as a cryptocurrency at Coin Market Cap, and will be traded in the digital currency trading platform Binance. The AZNT token’s value could allegedly rise to $10 each from its current price of 10 cents,” the order…
