The NTC begins to take action against unregistered internet investment platforms.

In an effort to combat investment goods sold without the necessary permits, the National Telecommunications Commission (NTC) has mandated that the unlicensed cryptocurrency company MiTrade be blocked in the Philippines.

This action is a result of the NTC's February 21 directive to internet service providers to prohibit websites and applications connected to MiTrade. The Securities and Exchange Commission (SEC) guidelines were broken by MiTrade, prompting this order.

The NTC was asked to take action against unlicensed cryptocurrency firms by the SEC. The NTC's decision was endorsed by Emilio Aquino, the SEC's CEO and chairperson, who said it would help prevent fraudulent investment schemes. He underscored the SEC's and NTC's will to keep working together to tackle platforms that participate in illicit investment operations and other forms of financial exploitation.

The NTC's efforts to protect Filipino investors are consistent with their targeting of unlicensed cryptocurrency businesses. The Philippines can still access Binance exchange in spite of these measures. Restrictions on Binance will go into force three months after the suspension on November 29th, according to SEC Commissioner Lee.

Via Noypigeek