NTC asked to block forex platform

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The Securities and Exchange Commission (SEC) said it has has requested the National Telecommunications Commission to limit access to the website and application of overseas foreign exchange brokerage platform OctaFX for violating the Securities Regulation Code, Revised Corporation Code of the Philippines and the regulations enforced by the agency.

The SEC said it requested the blocking of OctaFX “ to prevent the further proliferation of its illegal activities in the country, and to protect the investing public from its detrimental effects on our economy.”

“The sale or offer of unregistered securities to Filipinos constitutes a violation of [Sections] 8 and 12 (sale of unregistered securities) and [Section] 28 (operating as an unregistered broker) of the Securities Regulation Code,” it added.

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The request follows an advisory issued by the SEC against OctaFX, also known as Octa Trading, in September 2023.

In its website, OctaFX offered the trading of over 300 financial instruments from a wide range of asset classes, such as foreign currency pairs, foreign shares, index funds and commodity derivatives. It also allowed leverage trading for a maximum leverage ratio of 1:500.

“The operators of OctaFX appeared to be registered brokers and dealers overseas, and the securities and investments being offered likewise appeared to be registered in various countries,” the SEC said. – Ruelle Castro

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