The Philippine Securities and Exchange Commission issued a cease and desist order dated May 14 against Riscoin and related entities for illegally soliciting public investments and conducting unauthorized cryptocurrency activities. The order requires them to cease their online investment operations and prohibits transactions through depository banks or the transfer or disposal of assets, including bank deposits, to preserve funds for investors. The restrictions cover Riscoin Exchange, Riscoin Trading, League of Seagull Lt., Seagull Alliance and people acting on their behalf. Riscoin allegedly operated a copy-trading scheme promising unusually high and guaranteed daily cryptocurrency returns despite lacking corporate registration, authorization to sell securities or registration as a crypto-asset service provider. The commission said the scheme continued after warnings issued in February 2026 and constituted financial fraud and continuing violations of securities and financial consumer protection laws.

Original source