April 17, 2024

The National Telecommunications Commission has initiated the blocking of websites and apps offering investment opportunities without the necessary license, upon the request of the Securities and Exchange Commission.

The NTC recently issued a memorandum to all Internet service providers, directing them to block the websites and apps of MiTrade for violations of the Securities Regulation Code, Revised Corporation Code of the Philippines, and regulations enforced by the SEC.

“We thank the NTC for supporting our campaign against investment scams and other predatory financial schemes toward the protection of the investing public.” SEC Chairperson Emilio B. Aquino said.

In a Feb. 14 letter, the SEC requested for the blocking of MiTrade’s website after it found the entity was actively employing promotional campaigns on social media platforms to entice Filipinos to engage in investment and trading activities.

MiTrade offered the trading of financial instruments from a wide range of asset classes such as foreign currency pairs, foreign shares, index funds, and commo-dity derivatives.

The operator of MiTrade was not registered as a corporation in the Philippines, and operated without a license to sell or offer any form of securities, to engage in the business of buying or selling securities, to operate as a broker or dealer, or to create or operate an exchange in the country.

The SEC in September 2023 issued an advisory warning the public against transacting with MiTrade. – Press release