Riscoin cease and desist from the Philippines
Riscoin has received a cease and desist from the Philippine SEC.
The SEC’s May 21st order names Riscoin, Riscoin Exchange, Riscoin Trading, League of Seagull and Seagull Alliance as respondents.
The SEC claims that, despite previously issuing two Riscoin fraud warnings (first warning, second warning), filipinos are still being targeted by scammers.
This Commission has received reports and information on the solicitation activities of “RISCOIN,” “RISCOIN EXCHANGE,” “RISCOIN TRADING,” “LEAGUE OF SEAGULL LTD.,” and “SEAGULL ALLIANCE” (collectively referred to hereafter as “RISCOIN”), through individuals or groups of individuals identified as their purported leaders and/or agents, who entice the public to invest in the scheme of RISCOIN.
The SEC notes Riscoin scammers are primarily targeting filipinos over FaceBook, Telegram and BonChat.
Citing Riscoin’s ongoing securities fraud in the Philippines, the SEC has ordered the Ponzi scheme to “immediately cease and desist from further engaging in” securities fraud.
The cease and desist also applies to promoters of Riscoin targeting filipinos.
The SEC warns the failure to adhere to the cease and desist may result in criminal charges being brought.
The Commission through the EIPD will initiate the appropriate administrative and criminal action against any persons or entities found to act as solicitors, information providers, salesmen, agents, brokers, dealers or the like for and in their behalf.
Riscoin is an MLM “click a button” app Ponzi run by Chinese scammers. BehindMLM has documented hundreds of the scams since they first emerged back in 2021.
BehindMLM reviewed Riscoin as League of Seagull earlier this month. All documented Riscoin domains at time of publication have either since been disabled or flagged for fraud.
Riscoin continues to defraud investors on:
- riscoiin332.online – privately registered April 26th, 2026
- rscoin232.dgy.one – privately registered April 30th, 2026
The “dgy.one” domain has been used to host reboots of the collapsed BG Wealth Sharing “click a button” Ponzi. The same group of Chinese scammers are behind all these scams.
Wish the U.S. SEC was even a quarter this quick to act against scams like this and actually go after promoters.
One of the first things the Trump admin did was get rid of regulation by enforcement. Then they gutted staff. So here we are.
Literally the best place US enforcement and regulation of MLM related fraud had been in decades as of the end of 2024, dismantled in months because of political agenda BS.
Other than “look at us doing nothing!” press-releases, signing endless agreements with themselves and Chairman speaking gigs, TV spots and podcasts, the SEC and CFTC haven’t been up to much over the past year and a half.
It’s left up to the states to deal with, which only really works when the feds are not too far behind. They’re not, so Chinese scammers have been running riot over US residents this year.
The usual suspect Dubai scammers would probably also join in if they weren’t under threat of getting bombed.