SEC warns public vs Xian Coins

DAVAO CITY, Nov 25 (PIA)- The Securities and Exchange Commission (SEC) has warned the public on investing in Xian Coins (XNC) which the Commission has issued a cease and desist order against it.

The order was issued to owner and founder Christian Albert Soriano Gaza popularly known as Xian Gaza, representatives, salesmen agents, uplines, enablers, influencers, and any and all persons claiming and acting for and on their behalf.

Xian Coins is claiming to be a centralized digital currency powered by Etherium Blockchain that is exclusively traded by its coin holders. The holders of Xian Coins are promised that they will benefit from high range of price stability, and appreciation of value as it is taking advantage of a single centralized supply chain.

The Xian Coins are considered as securities in the form of investment contracts which XNC sells to the public and the XNC is selling them without requisite license from SEC.

The Cease and Desist Order from SEC also prohibits XIAN COINS, its owner and founder CHRISTIAN ALBERT SORIANO GAZA, its partners, operators, directors, officers, salesmen agents, representatives, promoters, and all persons, conduit entities and subsidiaries claiming and acting for and on its behalf from transacting any business involving the funds covered by this cease and desist order in its depository banks, and from transferring, disposing, or conveying in any manner, all assets, properties, real or personal, including but not limited to bank deposits, of which they may have any interest, claim or participation whatsoever, directly or indirectly, under its custody, to ensure the preservation of the assets for the benefit of the investors.

The warning to the public particularly in Davao has been reiterated by the SEC-Davao as it has received complaints against Xian Coin representatives and agents in its area of responsibility.

The public is urged to report information of investment solicitation activity by individuals ort group of individuals on behalf of Xian Coins. They can send their report to the EIPD at epd@sec.gov.ph. (PIA/RG Alama with reports from SEC-Davao)

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