BSP Revokes Nikko FX’s License Amid Regulatory Crackdown
The Bangko Sentral ng Pilipinas (BSP) has permanently canceled the Money Service Business (MSB) registration of Nikko Foreign Exchange (Nikko FX), marking the third such revocation this year.
What’s the significance? The Central Bank’s move highlights its authority to halt illegal activities and protect Filipinos from financial fraud.
By the numbers:
- 3: MSB licenses announced as revoked by the BSP in 2024
- 7,000+: Registered MSBs as of December 2023
Read: BSP Monetary Board Cancels Atomtrans Crypto Exchange (VASP) License
Context: Nikko FX’s license was revoked due to “significant and recurring violations” of BSP rules and a breach of an executed deed of undertaking.
- In October 2022, the BSP first released a resolution to cancel the MSB license for Nikko FX. The entity requested reconsideration, which was then denied in April 2024.
What’s next: The BSP has proposed new guidelines requiring MSBs to report governance frameworks, aiming to strengthen the fight against money laundering and terrorism financing.
This article is published on BitPinas: BSP Revokes Nikko FX’s License Amid Regulatory Crackdown
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