SEC Philippines Orders Riscoin to Stop Operating

The Philippine Securities and Exchange Commission (SEC) has issued a cease-and-desist order against cryptocurrency scheme Riscoin and related entities, including Riscoin Exchange and League of Seagull Ltd.

The order, dated May 14, requires them to immediately stop soliciting investments from the public for selling unregistered securities.

According to the SEC, these entities used social media and messaging apps like Telegram and Bonchat to raise funds through a “copy trading” scheme. Investors were promised “abnormally high and guaranteed” daily returns from crypto trading.

The SEC had already warned the public about Riscoin on February 12, 2026. However, the entities continued operations and even presented foreign business certificates to appear credible.

The SEC confirmed that Riscoin is not registered in the Philippines, has no license to sell securities, and is not authorized to operate as a crypto-asset service provider. The regulator warned that violators could face fines, imprisonment, or both.