Philippines SEC has denied the Crowd1’s appeal. Immediately after that, it was permanently banned in Philippines. The SEC revealed that the a motion was filed by Crowd1 to lift the cease and desist order issued against it.
The Cease and desist was issued to Crowd1 in April. Later, company’s motion was filed in late June.
Then the motion to lift was denied on 2nd July with a claim from SEC stating that Crowd1 wasn’t able to provide an apt evidence in support of their claim that they are not engaged in any form of sale or offer of sale for securities in form of investment contracts.
Whereas in defense, Crowd1 argued that their educational packages sold by it were allowed earlier to the public as their objective was to educate the people about the wealth they can gain from marketing products and services.
Continued promotion of Crowd1 in the Philippines runs the risk of a 5 million PHP (~$415,000 USD) fine, or a twenty-one year prison sentence.