Lawyer Alma Marie Dalena, SEC-Cebu officer-in-charge, said BitExpress is not registered with the Commission and does not have a legal identity to transact with the public.
“It is not a corporation nor a partnership and does not have a license to engage in investment trading,” Dalena said in a statement. “We understand some people are vulnerable to this get-rich-quick promises from individuals taking advantage of the economic crisis we are facing due to the COVID-19 pandemic. But we are here to help you watch over these illegal and unscrupulous persons or groups,” Dalena said.
Though BitExpress was issued with a certificate of business name registration with the Department of Trade and Industry under the name of Quinto, this is not an authority to solicit money from the public for investment, Dalena said.