The National Telecommunications Commission (NTC) has taken action against MiTrade, an investment platform that operated without a proper license. As a result, the MiTrade website and app were blocked in the country.
The Securities and Exchange Commission (SEC) requested the NTC to block access to MiTrade’s website. This happened after the investment company was found advertising on social media and inviting Filipinos to invest and trade using their platform.
The organization found that the company that runs MiTrade is not legally registered to operate in the Philippines. It also found that the company doesn’t have the required license in the country to sell or offer stocks, buy or sell stocks, act as a broker or dealer, or create or operate a stock exchange.
The people operating MiTrade seem to be brokers and dealers in other countries. Additionally, the securities and investments offered by the platform also seem to be registered in various countries.
However, the SEC has warned that the people involved in MiTrade, including other employees and associates, could face criminal charges under the Securities Regulation Code. They may be fined up to PHP5 million and/or sentenced to a maximum of 21 years in prison.
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