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TrueMoney has shut down its Philippine operations, forcing 5 million users to migrate to competing platforms. The closure removes a major remittance option for overseas Filipino workers who relied on the service.
The Bangko Sentral ng Pilipinas is now coordinating enforcement actions with the SEC and NTC to limit Filipino access to unlicensed crypto platforms, moving beyond public warnings to active market surveillance.
Fraudsters claiming government backing for a fake 'Pasig Coin' investment were spotted soliciting residents near Centennial II in Barangay Pinagbuhatan, prompting Mayor Vico Sotto's warning.
The Bangko Sentral ng Pilipinas issued a memorandum requiring stricter anti-money laundering controls across payment systems as digital transactions reached 57.4% of retail volume in 2024. The directive mandates enhanced monitoring of merchant accounts, payment aggregators, and QR-enabled transactions, while warning Filipinos against unlicensed cryptocurrency platforms.
The Securities and Exchange Commission applies the Howey Test to determine whether crypto schemes qualify as unregistered securities sales, with penalties reaching 21 years imprisonment under the Securities Regulation Code.