The Philippine Securities and Exchange Commission issued a cease and desist order against Trading Point Holdings Limited and related entities operating as XM, XM Global Limited and XM Philippines, citing unauthorized solicitation of investments and the offering and selling of securities without the required licence. The order directs the XM Group and associated officers, promoters, representatives, agents, influencers and affiliates to stop the alleged unlawful offering and selling of securities and to take down online presence related to the covered transactions and investment scheme. It also bars the group from transacting business involving funds held in depositary banks and from transferring or disposing of assets, including bank deposits, to preserve assets for the benefit of investors. The SEC’s investigation found the group offering derivatives, foreign exchange shares and cryptocurrencies and promoting access via xm.com, the XM App, and local social media accounts; investors were required to open accounts and deposit minimum amounts, and a referral programme offered bonuses and cash rewards.

Original source View in tracker