THE Securities and Exchange Commission (SEC) advised the public against investing in Arcane Digital Marketing and Mitrade after engaging in investment-taking activities without the necessary authority.
In separate advisories posted on its website, the SEC said Arcane Digital and Mitrade are not registered with the corporate regulator as a corporation or partnership and are not authorized to solicit investments from the public.
According to the SEC, Arcane Digital is an online social media platform that urges the public to invest a minimum of P1,000 for a business partnership opportunity that promises 12% to 45% profit in 45 days.
“Their activities involving the offer and sale of securities to the public where their investors need not exert any effort other than to invest or place money in its scheme in order to earn profit should be registered with the commission,” the SEC said.
“Hence, the public is strongly advised not to invest or stop investing in any scheme offered by Arcane Digital Marketing or such other entities similarly engaged in the offering and sale of investment contracts without prior registration with the commission,” it added.
Meanwhile, the SEC said Mitrade claims to offer the trading of financial instruments from a wide range of asset classes such as foreign currency pairs, shares (foreign), indices (index funds), commodity derivatives, and foreign currency pairs.
The corporate regulator added that Mitrade has been employing promotional campaigns on various social media platforms to attract Filipinos to engage in investment and trading activities using its platform.
Mitrade can be accessed via its website, Google Play Store, and Apple App Store.
“The public is hereby advised to exercise caution before investing in these kinds of unregistered online investment platforms and their representatives,” the SEC said. — Revin Mikhael D. Ochave