outrace

The Securities and Exchance Commission or SEC has just announced that Outrace “Play To Earn” is doing business in the country without the necessary license and authority from the Commission. Outrace is a racing game that allows its players to earn Outrace $ORE tokens by playing or purchasing the token through its Initial Coin Offering at a significantly low price on the pretext that both will considerably increase in value once $ORE is listed on public exchanges. Based on the records of the SEC, Outrace is not registered with the Commission and is not authorized to solicit, accept, or take investments/placements from the public nor to issue investment contracts and other forms of securities defined under Section 3 of the SRC in the Philippines. The SEC also notes that Outrace does not have any brokers, account managers, agents, and/or representatives that have appropriate registration and license to offer and sell such securities to the public. Outrace is also neither registered as a Virtual Asset Service Provider with the BSP, nor does it have a corresponding certificate of authority. The SEC has advised the public not to invest or stop investing in $ORE and Outrace and in all other endeavors or schemes with its parent company BCPAY INC. Read more in our articles including "SEC issues advisory on Outrace "Play to Earn"" and "OnePlus Watch Lite now official".