Securities and Exchange Commission issues an advisory on XIAN COIN

Jun 8, 2021 Main
Photo: https://www.facebook.com/XianCoinBank

XIAN COIN is not registered with the Commission neither as a corporation nor as a partnership and it is NOT AUTHORIZED to solicit investments from the public

Based on its website https://xianco.in/ Xian Coin or XNC is a centralized digital currency powered by the Etherium Blockchain that is exclusively traded by its coin holders. It is owned and issued by a virtual cryptocurrency bank where you can exchange your coins to Xian Coin, Colombian Peso, Mexican Peso, Brazilian Real, Peruvian Sol and Philippine Peso. It also states that the primary function of Xian Coin is to create a powerful, unregulated and untraceable financial payment system that will power transactions and businesses across geographical spheres.

The records of the Commission show that XIAN COIN is not registered with the Commission neither as a corporation nor as a partnership. Further, it is NOT AUTHORIZED to solicit investments from the public since it has not secured prior registration and/or license from the Commission as prescribed under Section 8 and 28 of the Securities Regulation Code.
Likewise, Xian Coin is not a registered Virtual Asset Service Provider (VASP) with the Bangko Sentral ng Pilipinas under Circular No. 1108, series of 2021 or the Guidelines for Virtual Asset Service Providers.

In the same manner, those who invite or recruit other people to join or invest in this venture or offer investment contracts or securities to the public may be held criminally liable under Section 28 of the SRC penalized with a maximum fine of Five Million Pesos (P 5,000,000.00) or imprisonment of Twenty One (21) years or both pursuant to Section 73 of the SRC (SEC Vs. Oudine Santos, G.R. No. 195542, 19 March 2014).
Thus, the public is hereby WARNED that the scheme employed by XIAN COINS clearly shows indication of a possible Ponzi Scheme, where monies from new investors are used in paying “fake profits” to prior investors and is designed mainly to favor its top recruiters and prior risk takers and is detrimental to subsequent member in case of scarcity of new investors.