In the press release issued by the Cagayan Economic Zone Authority (CEZA) yesterday, the economic zone stated that it has not issued any license to Freedom Traders Club, Ploutos Innovation Corporation, Ploutos Innovation Limited, Mark Freeman and any of his associates engaged in selling a cryptocurrency called “Ploútos COIN.”

The economic zone requested the National Bureau of Investigation (NBI) to investigate Mark Freeman, founder of Freedom Traders Club, and his alleged unauthorized exploitation of CEZA’s name and photography suggesting that CEZA Administrator Secretary Raul Lambino has issued the company an Offshore Virtual Currency Exchange (OVCE) License.

This is after an advisory that the Securities and Exchange Commission (SEC) has issued last July 12, which warned the public not to engage with Freeman’s Freedom Trader’s Club in investing in its cryptocurrency. 

Last week, CEZA received reports that the Freedom Trader’s Club has been circulating a photograph of Freeman with Lambino and implied that he made a “dealing” with CEZA.

In the same week, CEZA received an application for a  Regular OVCE License application from Ploutos Innovation Limited, allegedly a limited company based in Hong Kong, and discovered a shareholder named “Mark Steven Freeman.”

The economic zone is now conducting its requisite probity check on Ploutos Innovation Limited, its shareholders, and its activities in relation to Ploútos COIN that has been under extreme scrutiny for this past month.

“We have a zero-tolerance policy against any person or company that will use a CEZA license or the name of CEZA to defraud the public. We are ready to immediately cancel corresponding license or initiate the necessary legal actions with the appropriate government agencies,including the NBI, SEC, and BSP,  should we discover unscrupulous individuals companies doing this,” said Secretary Lambino.

CEZA is ready to reject applications that are found to be related to fraudulent or illegal activities. Meanwhile, no Filipino company or Filipino is allowed to apply for a CEZA OVCE License. In the same manner, Philippine companies are not allowed to sell securities or exchange tokens or cryptocurrencies into fiat money unless registered with the SEC or the Bangko Sentral ng Pilipinas (BSP), respectively.

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