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SEC warns public vs “Xian Coin” of scammer Xian Gaza

THE Securities and Exchange Commission has warned the public in engaging with digital currency Xian Coin or XNC operated by the infamous ‘coffee date’ scammer Xian Gaza or Christian Albert Gaza.

The advisory issued on June 7 by the SEC Enforcement and Investor Protection Department (EPD) strongly warned the public that Xian Coin or XNC clearly indicates it is a Ponzi Scheme.

The EPD investigation found that Xian Coin convinces would-be investors they will enjoy “a high range of price stability and appreciation of value” because “it is taking advantage of a single, centralized supply chain” and is “independently controlled by virtual crypto currency bank of Xian Gaza with a limited global supply of 75 million XNCs.”

“XNC has no SEC registration, and it does not have the required license from SEC to solicit investments,” SEC Cebu Extension Office Securities Counsel I Atty. Giness Marie Teves said.

The EPD found that XNC is not a registered Virtual Asset Service Provider (VASP) with the Bangko Sentral ng Pilipinas based on Circular Number No. 1108, series of 2021 or the Guidelines for Virtual Asset Service Providers. 

Based on its website Xian Coin is a centralized digital currency powered by the Etherium Blockchain that is exclusively traded by its coin holders. It says,

“It is owned and issued by a virtual cryptocurrency bank where you can exchange your coins to Xian Coin, Colombian Peso, Mexican Peso, Brazilian Real, Peruvial Sol and Philippine Peso.”

The SEC EPD said, the investment of money in Xian Coins pooled by Xian Gaza, motivated by expectation of profits generated from their supposed price appreciation from the promotional efforts of Xian Gaza, constitute an investment contract. 

Further, the SEC reminded the public of Gaza’s unsavory reputation, who himself proclaimed he is the “Pambansang Scammer” and boasted that money from Xian Coins will bankroll his illegal activities. 

Gaza, whose name went viral in 2017 when he asked Filipina actress Erich Gonzales on a date using a billboard, was already a subject of a previous SEC Advisory for his Cristiano Alberto Real Estate Fund (CARE Fund).

He became news fodder anew in 2018 when he announced on Facebook that he was going to jail for violating the Bouncing Check Law.

Gaza is active on Facebook and is living abroad. PR