 The Securities and Exchange Commission (SEC) issued a cease and desist order against Hupan Lending Technology Inc., for operating an unrecorded Online Lending Platform (OLP), Magic Peso. In an order dated May 13, the SEC Financing and Lending Companies Department directed Hupan Lending to cease and desist from operating Magic Peso and its declared OLPs, Cashme, Sukiloan, Pesopoly, and Loan Tayo.
The continuous operation of Magic Peso violates the ongoing moratorium on new OLPs, as provided under SEC Memorandum Circular No. 10, Series of 2021. The SEC views the issuance of CDO as necessary to prevent fraud, injury, or harm to the public and financial consumers who are using Magic Peso. |
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