The Philippines’ Securities and Exchange Commission has ordered Trading Point Holdings Ltd, which operates under the XM brand, to immediately stop soliciting investments, saying it was offering products to the public without the required registrations and licenses.
In a cease-and-desist order, the regulator directed Trading Point Holdings Ltd, XM Global Ltd, and XM Philippines to halt the offering and selling of securities and to take down or stop maintaining online pages and promotions linked to the transactions and investment activity covered by the order.
The SEC also prohibited the group, and people acting on its behalf, from transacting any business involving funds in its depositary banks and from transferring, disposing of, or conveying assets, including bank deposits and other real or personal property.
The regulator said the restrictions were meant to prevent potential harm to investors and preserve assets.
The order followed an investigation by the SEC’s Enforcement and Investor Protection Department, which found the XM group was offering or selling products such as derivatives, foreign exchange instruments and cryptocurrencies.
The SEC said XM operates under Trading Point, an international financial services firm offering brokerage services through its website and mobile application.
Locally, it promoted and facilitated the offering and sale of products through XM Philippines’ social media accounts.
Under the scheme described by the regulator, investors were required to create an account and deposit a minimum amount depending on the selected plan, after which they could buy and trade products on XM’s platforms.
The SEC said the platform highlighted potential returns and offered bonuses and cash rewards through a referral program to attract users.
It added that the XM group was not registered as a corporation or partnership in the Philippines and therefore could not secure a secondary license to offer securities to the public or to operate as a broker or dealer.
The agency also noted that the group’s public endorsers included Filipino boxing icon and former senator Manny Pacquiao and forex coach Jonathan Lou Reyes.
The order signals a more aggressive enforcement posture toward cross-border online trading and crypto-linked products marketed to Filipinos.
Freezing funds and requiring an online shutdown raises the stakes for promoters and payment partners, though effectiveness will depend on how quickly local banks, e-wallets and platforms restrict access.