Gregory Rogowski, CEO of Mining City, told investors in an October webinar that the company had secured approval from the Philippine Securities and Exchange Commission (SEC). Contacted after the webinar, the SEC stated unequivocally that Mining City is neither registered nor licensed.
The regulator is reportedly assembling an enforcement case targeting local individuals promoting the scheme. Mining City is controlled by Eyal Avramovich. He operates the company through a series of shell corporations. Avramovich previously ran Mine Best, a cryptocurrency mining operation that served as the precursor to Mining City. He appointed Rogowski, a former Mine Best employee, as CEO to create a false sense of separation.
The webinar featured Avramovich, Rogowski, and JM Torres, an individual previously associated with the BitClub Network Ponzi scheme. Rogowski addressed the Philippine SEC's warning during the presentation, feigning ignorance. He described the warning as an "eye-opener" that prompted the company to seek a license. This claim lacks credibility. ScamTelegraph flagged Mining City's securities fraud issues in July 2019, over a year before the webinar. Avramovich himself commented on that initial report, demonstrating his awareness of the legal violations long before the webinar.
Rogowski then offered a second falsehood. He suggested Mining City could have disputed the SEC's findings or protested the warning but chose instead to apply for a license. Philippine law does not operate in this manner. The SEC conducted an investigation into Mining City before issuing its warning. Any company offering investment securities must register with financial regulators in every jurisdiction where it solicits investors. This requirement is not optional; it is a global legal standard.
A significant inconsistency in Rogowski's account is that Mining City's own website restricts access for visitors from the United States. This is not a coincidence. The U.S. Securities and Exchange Commission is known for its aggressive enforcement of securities laws. Companies operating illicit investment schemes frequently implement geographic restrictions, blocking American IP addresses to evade federal scrutiny.
Companies offering securities, which Mining City does by selling mining contracts, are legally required to register. There are no exceptions, no loopholes, and no special circumstances that permit unregistered operation. When the Philippine SEC issued its warning against Mining City, it was not a polite suggestion. It was a directive prohibiting an unlicensed entity from soliciting securities within its jurisdiction.
Rogowski's assertions regarding SEC approval appear to be fabricated. The SEC has directly contradicted these claims. For individuals who have already invested funds with Mining City, this distinction is critically important. Investors in the Philippines who have been solicited by Mining City should report any communication or investment requests to the Philippine SEC.