outbrain
Close  

Ceza suspends cryptocurrency firm

/ 05:14 AM September 18, 2019

The Cagayan Economic Zone Authority (Ceza) has suspended the operations of a virtual currency exchange, after Chinese employees were flagged for duping investors in China.

The Ceza said it issued the suspension order on Sept. 12, a day after the Bureau of Immigration (BI) raided the offices of a Ceza-registered company in Pasig City and arrested 277 Chinese workers.

ADVERTISEMENT

Immigration Commissioner Jaime Morente said in a statement last week that four of these Chinese fugitives were in an “investment scam” that victimized over a thousand people of more than 100 million RMB.

Here, they were working for Ceza-registered Golden Millennial Quickpay Inc. Ltd. (GMQ).

FEATURED STORIES

However, Ceza Corporate Secretary Joy Alameda said in a text message on Tuesday that the agency had not yet received a copy of the official findings of the concerned authorities, including the BI.

But meanwhile, GMQ is under suspension, which could last up to 90 days, Ceza spokesperson Mike David said in a press briefing on Tuesday.

David also said that Ceza would soon issue an order to suspend the companies with a similar license to operate an offshore virtual currency exchange as a precaution.

There are 25 principal licensees, but only GMQ has been fully operating since July last year, David said.

Subscribe to Inquirer Business Newsletter
Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Cagayan Economic Zone Authority (Ceza), Immigration Commissioner Jaime Morente, virtual currency exchange
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.