The SEC tagged OctaFX, Binance, Kito-Kiko Variety Shop, and House of Forex for operating in the country without proper licenses.
“But as a lawyer, I feel obliged to echo the advisory of SEC. And it should not matter whether it is a cease-and-desist order, the advisory is clear and we should take heed of that.”
Learn about the diverse reactions within the Filipino crypto community to recent SEC warnings on Binance’s unauthorized activities in the Philippines.
This move comes just after the SEC recently said it will start naming unlicensed exchanges in its advisories going forward, as well as working with the National Telecommunications Commission (NTC) to block access to the exchanges’ websites.
SEC says OctaFX is not authorized to sell or offer securities in the country.
Since the two entities mentioned above possess characteristics of Ponzi scheme, the regulatory agency warned the public to stop investing in them and avoid engaging others to invest in them.
On September 11, the Securities and Exchange Commission (SEC) released another set of advisories against entities that solicit investments from the public without being properly licensed.
The Commission has been actively disseminating information and advisories against investment schemes to fight scammers in the country.
The SEC advised the public to be wary of such investment schemes and to only invest in legitimate companies that are registered with the Commission.
SEC warns against White Dragon Investment Group’s unauthorized investment scheme and solicitation on social media.