$#TrendingTopic The Philippines National Telecommunications Commission (NTC) has started blocking websites of crypto companies offering investment products in the country without the necessary licenses. 

On March 7, local media outlet Bitpinas reported that the websites of crypto firms MiTrade and OctaFX were now inaccessible through one of the country’s largest internet providers. The NTC issued an order on Feb. 21 to internet service providers, requiring them to block applications and websites of MiTrade for violating regulations enforced by the Securities and Exchange Commission (SEC) of the Philippines.

Excerpt of the official announcement from the Philippine government. Source: Bitpinas 

The NTC’s action follows a request from the SEC to begin blocking websites of crypto platforms operating without a license in the country. In a press release, SEC Chairperson and CEO Emilio Aquino said that the NTC’s action will help prevent investment scams in the country. Aquino said:

“The SEC and NTC will continue to work closely together to take similar actions on other platforms facilitating illegal investment-taking activities and other predatory financial schemes.”

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