The Philippine Securities and Exchange Commission reported that the Department of Justice will file criminal charges against Align Assets and its officers for soliciting investments from the public without the required licences, following a complaint filed by the SEC. In a resolution promulgated on 27 November, state prosecutors found prima facie evidence with reasonable certainty of conviction for violations of Sections 8, 26.2 and 28 of the Securities Regulation Code, in relation to Section 6 of the Cybercrime Prevention Act of 2012. Prosecutors recommended charges against the company’s head of operations in the Philippines, Rex Tamaray Mayam, and 11 other individuals named in the resolution. The case concerns an online scheme that presented Align Assets as a United Kingdom-based decentralised trading platform using a cryptocurrency “bot” and promised returns of three percent every working day, equivalent to 150 percent in 50 working days, alongside referral commissions of five percent for direct referrals and 0.05 percent for indirect referrals. The cited provisions cover selling unregistered securities, operating in the business of buying or selling securities without SEC registration, and obtaining money through untrue statements or misleading omissions, with penalties increased where offences are committed through information and communications technologies; the DOJ resolution also stated the offerings were unregistered and unauthorised in both the Philippines and the United Kingdom. The SEC Enforcement and Investor Protection Department’s investigation found most traffic to the platform came from the Philippines, and it issued a public advisory in March 2021 warning that Align Assets was not registered with the SEC and was not authorised to solicit investments.

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