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BSP Cancels FOREIGNEX INC. Registration

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The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has canceled the registration of FOREIGNEX INC., banning it from operating as a money changer/foreign exchange entity. The cancellation was approved last Feb. 29 and was publicly announced by BSP this week.

What’s the significance? The BSP has been cancelling more license registrations as of late, with the previous being another foreign exchange last week and a crypto exchange last March.

The details: FOREIGNEX INC. violated Section 901 N of the Manual of Regulations for Non-Bank Financial Institutions, which governs various financial entities in the Philippines.

  • The manual is where the rules and policy issuances that govern quasi-banks, investment houses, non-stock savings and loan associations, and pawnshops in the country are written.

By the numbers: This year alone, the BSP has canceled four money service business (MSB) registrations, including Nikko FX. Last year, six MSBs were banned.

Last year, the monetary agency banned at least six MSBs. The MSB registration enables foreign exchanges, money changers, and other financial institutions to operate.

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What to watch next: Continued regulatory actions by the BSP as it seeks to enforce compliance and ensure the integrity of financial institutions in the country.

This article is published on BitPinas: BSP Cancels FOREIGNEX INC. Registration

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