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SEC ISSUES CEASE AND DESIST ORDER AGAINST PAYASIAN
« on: March 30, 2020, 03:34:43 PM »
Page 1 of 2
Office of the Commission Secretary
S-309, 3F PICC Secretariat Building
Philippine International Convention Center (PICC) Complex
Pasay City
8888-8141; 8818-5478
30 March 2020
SEC ISSUES CEASE AND DESIST ORDER AGAINST PAYASIAN

The Securities and Exchange Commission (SEC) has ordered Payasian Pte. Ltd.
Corporation to stop enticing the public to invest supposedly in a cryptocurrency called
Paya without the necessary license.
In an order issued on March 20, the Commission directed Payasian to “immediately
cease and desist under pain of contempt from further engaging in, promoting and
facilitating selling and/or offering for sale securities in the form of investment contracts
and/or other activities/transactions.”
The SEC also prohibited Payasian from transacting any business involving funds in its
depository banks, and from transferring, disposing, or conveying in any manner all
related assets for the benefit of the investors.
The cease and desist order covers the corporation’s partners, operators, directors,
officers, salesmen agents, representatives, promoters, and all persons, conduit
entities and subsidiaries claiming and acting for and on its behalf.
Payasian registered as a corporation in August 2019. Its certificate of registration,
however, did not include an authority for the corporation to sell or offer securities to
the public, an activity that requires a secondary license from the SEC.
The Commission’s Markets and Securities Regulation Department (MSRD) and
Corporate Governance and Finance Department (CGFD) certified that Payasian has
not registered or applied for registration as issuer of securities and for a permit to sell
securities.
Yet, evidence gathered by the Commission’s Enforcement and Investor Protection
Department revealed that Payasian has engaged in the sale and offering of securities
in the form of investment contracts without the requisite license.
The SEC issued an advisory as early as November 14, 2019 for the public to exercise
caution in dealing with any individual or group soliciting investments for and on behalf
of Payasian.
Under its investment scheme, Payasian enticed investors to buy Paya Coins and hold
them for six months in order to receive 30% additional Paya Rewards. It also offered
referral rewards.

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