Some Forex Companies Get Arrested – BSP Moves to Limit Peso

United States – Different Forex companies that lure people into taking on investment lessons get arrested as other agencies start to probe alleged illegal trading platforms. On another note, BSP or Bangko Sentral ng Pilipinas strengthens a move to limit peso rumor.

Different agents are probing trading platforms alleged to be illegal in foreign exchange. Aside from that, they also advise people to take investment lessons that focus on getting high returns.

The Reserve Bank of India provided an alert list in September, which matched the list of the agencies that did the probing. These companies dealt with Forex’s violation of management activities.

Previously, Strategy India settled a complaint with the Mumbai Police against IX Global. Other entities linked to IX Global also got involved in the complaint since these were part of the Ponzi scheme, multi-level marketing.

Strategy India analyzes and gives alerts on frauds about money circulation, which uses multi-level marketing advantage plans to trick others.

Canara Bank also filed a complaint against IX Global separately, wherein the Kolkata Police arrested involved people in the scam.

As per the complaint of Strategy India, IX Global utilized the participants’ network to get money for TP Global FX, and they sold subscriptions for algotrading bots. These bots operated in the participants’ Forex accounts, disguised as online education.

Previously, IX Global introduced “debt box licenses,” offering 5 to 16% investment returns monthly to reroute the assets to IX Global from TP Global. The firm uses the digital asset for transactions in the licenses. Now, TP Global is part of the list.

On another note, the governor of the BSP or Bangko Sentral ng Pilipinas, Felipe M. Medalla, stated that they have ample toolkits to stop risky peso-US dollar exchange or to protect the local currency, Philippine Peso, from undue exchange rate instabilities, vowing to be more robust in checking the spot market.

BSP doesn’t need anything to make new and further foreign exchange (FX) policies or regulations to curb activities since the market endures hit PHP 59.00 on September 30. The Philippine Peso dropped to the $59 closing rate against the US dollar many times, yet the intervention of BSP held the value from depreciating over PHP 59.00.

Medalla stated that they are detecting probabilities of speculative activities. According to him, it’s part of what the firm can do, yet with more intensity. He also said that they don’t have to introduce new regulations to monitor the speculation even when the peso continues to depreciate against the higher interest rates of the USD.

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