The Securities and Exchange Commission issued a cease-and-desist order against six online lending operators, which have been found to be engaging in lending activities without the necessary license.
The SEC in an order issued on March 22 ordered PesoKwento, Pondo Cash, TBAG, Cash Sky, Loan Cash, and East Cash to immediately stop engaging in, carrying out, promoting and facilitating any lending activity/transaction until they have incorporated and secured authorization from the SEC.
The SEC also ordered the companies’ agents, representatives and promoters, as well as the owners and operators of their hosting sites, to cease from offering and advertising their lending business through the internet or any other media, and remove all materials involving such.
