In line with the issuance of its advisory, the Securities and Exchange Commission (SEC) said it will request assistance from the National Telecommunication Commission (NTC) and the Department of Information and Communications Technology (DICT) to block access to Binance in the Philippines.
Embattled online cryptocurrency exchange Binance has ceased its marketing efforts in the Philippines after the Securities and Exchange Commission (SEC) issued a public advisory against the company for operating without a license in the country.
The SEC recorded a total of 42,926 corporate registrations in 2022, 13% higher than the 38,052 seen in 2021 -- a record high for the agency’s 85- year history as the country’s company registrar.
Securities and Exchange Commission (SEC) commissioner Kelvin Lee said the explosion of fintech firms has brought financial inclusion to a greater number of Filipinos but has also produced hordes of scammers who have exploited the vulnerabilities inherent in the technology and its users.
By being listed as an authorized registrar, crowdfunding intermediaries and funding portals will no longer be reliant on third-party institutions to assist potential investors with their application as qualified buyers.
The Securities and Exchange Commission (SEC) has urged the public to be vigilant when it comes to online lending apps, saying it has has received harassment reports from netizens coming from these online “loan sharks.”
Crowdfunding is a fundraising activity typically conducted by startups and SMEs, where the public can support or fund a business idea through an online platform.
The order covers the companies’ branches, extensions, satellite offices, units, and online lending platforms (OLPs), together with their owners, operators, promoters, representatives, and agents.
The Securities and Exchange Commission (SEC) has launched a host of new digital services for the registration and monitoring of corporations in the country as it opened its new office at Makati Avenue in Makati City to mark its 85th anniversary last June 22.
The Anti-Red Tape Authority (ARTA) said the automatic approval mandated by the Ease of Doing Business Act did not apply to Lyka, given that entities under investigation are not covered by the reglementary period under the law.
