Centric Foundation has posted this page to address the damaging statements made by the SEC in the Philippines pertaining to Centric Foundation.
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Centric Foundation has posted this page to address the damaging statements made by the SEC in the Philippines pertaining to Centric Foundation.
A: On June 9, 2020, the Enforcement and Investor Protection Department of the Security and Exchange Commission in the Philippines issued a “SEC Advisory” about Centric.
The warning made several false claims about Centric, including that:
Centric is “engaged in investment taking activities in the Philippines,” and
Centric Cash and Centric Rise are “‘Derivatives’ which are securities as defined under Section 3.1 of the Securities Regulation Code (SRC).”
The SEC Philippines even went so far as to suggest that Centric could be considered a Ponzi Scheme.
A: Centric Foundation strenuously rejects all of these claims.
A: You can find the full SEC Philippines Advisory here.
A: On June 12th, Centric Foundation hired Nicolas and De Vega Law Offices, a law firm based in the Philippines, to assist with addressing these allegations in light of Filipino law.
A: Nicolas and De Vega Law Offices agree that the SEC Philippines claims do not hold water. They have prepared two legal opinion letters addressing the fundamental inaccuracies in the SEC Philippines statements.
A: Nicolas and De Vega Law Offices will file an “Entry of Appearance” to go before the Philippines SEC’s Commission En Banc, and request that the SEC Warning be removed.
Nicolas and De Vega Law Offices will also file a Motion (for the matter to be heard on evidence, and also for the SEC Philippines to present proof of their contention – that Centric is “engaged in investment-taking activities in the Philippines.”).
A: First, we encourage you to read the legal opinion prepared by Nicolas and De Vega Law Offices (see link above).
Second, if you come across anyone troubled by the SEC Philippines advisory, please refer them to this web page, and encourage them to read it as well as the linked legal opinion from Nicolas and De Vega Law Offices, so they may have a fuller context with which to evaluate the claims of the SEC Philippines.
Centric Swap (CNS) is available at the following exchanges.
Decentralized
Multi-chain DEx
Decentralized
CNS/BNB
For more information read the getting started guide.
