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.
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).
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.