May 5, 2020
ENFORCEMENT AND INVESTOR PROTECTION DEPARTMENT
SEC ADVISORY
Based on the information gathered by the Commission, the entities operating under the name WON PROJECT, WON NETWORK, and WON FOUNDATION (WON PROJECT), the developer of WONCOIN, are engaged in investment-taking activities in the Philippines which are NOT AUTHORIZED by the Commission.
WON PROJECT and its WONCOIN claims that it is based and developed in Singapore where it asserts that it has a virtual office but apparently, its main team and management composed of Jay Mark Abenir, Mhedel Ponce, Jhomar S. Montoya, and Jiaxuan Hoan, its Singaporean advisor, operates here in the Philippines.
While WON PROJECT avers that its main projects are its mobile application and Multi-Level Marketing (MLM) platform which aim to tokenize OFW remittances, online payments, digital-loading services, air ticketing, and travel and tours, its present endeavors rather suggest that its primary scheme or objective is generally to sell and trade its so-called "WONCOIN" to the public.
Seemingly, WONCOIN is a new type of cryptocurrency being developed by WON PROJECT whose value appears to increase rapidly due to...
