As the world becomes increasingly digital, it’s easier than ever to connect with people and opportunities online. Unfortunately, this also means that scammers and fraudsters have more chances to take advantage of unsuspecting victims.
That’s where the Philippine National Telecommunications Commission (NTC) comes in. They’re taking action to protect Filipinos from unlicensed investment websites and apps, including MiTrade.
MiTrade offered people the chance to trade various financial instruments, such as foreign currency pairs, foreign shares, index funds, and commodity derivatives. However, it was doing so without the proper licenses and registrations required by the Securities and Exchange Commission (SEC).
The SEC had warned against using MiTrade as far back as September 2023, pointing out that people promoting it could face criminal charges and hefty fines. But it wasn’t until February 2024 that the NTC stepped in and started blocking access to MiTrade’s sites and apps.
Some internet providers have already stopped allowing access to MiTrade’s website, but it’s still accessible on others. Similarly, some providers can’t access OctaFX’s main website, but its Asia-specific site is still available. It’s worth noting that Binance, another investment site, is still accessible.
The NTC’s actions are in response to the SEC’s request to block unlicensed investment sites. It’s all part of a larger effort to enforce regulations and keep the financial environment safe for everyone.
So, if you’re looking to invest online, do your research and only trust licensed and registered sites. If something seems too good to be true, it probably is.
____________________________________
Disclaimer: “The articles on this website reflect the opinions of the respective writers and are not the opinion of Museigen.io. In addition, nothing in this article should be considered as financial advice. It is essential to conduct your independent research and consult with a qualified financial advisor before making any financial decisions.”
Read more articles like this at https://museigen.io
Source: Philippine NTC Implements SEC Directive: MiTrade and Other Unlicensed Investment Sites Blocked
