The National Telecommunications Commission (NTC) ordered the blocking of websites and apps allegedly perpetuating investment scams.
The NTC issued a memorandum to all internet service providers, directing them to immediately block the websites and apps of MiTrade for violations of the Securities Regulation Code (SRC), 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 chairman Emilio Aquino said in a statement.
Aquino said the directive of the NTC would help prevent the proliferation of investment scams.
“The SEC and NTC will continue to work closely together to take similar actions on other platforms facilitating illegal investment-taking activities and other predatory financial schemes,” Aquino said.
The SEC requested for the blocking of MiTrade’s website in February after it found that the entity was actively employing promotional campaigns on various social media platforms to attract and entice Filipinos to engage in investment and trading activities using its platforms.
MiTrade offered the trading of financial instruments from a wide range of asset classes such as foreign currency pairs, foreign shares, index funds and commodity derivatives, the SEC said.
The operators of MiTrade appeared to be registered brokers and dealers oversees, and the securities and investments being offered also appeared to be registered in various countries.
The SEC said MiTrade was not registered as a corporation in the Philippines, and operated without the necessary 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 SRC requires the prior registration with the SEC of any securities for public offering within the Philippines.