BSP orders ..... to stop its operations. It is a popular app which allows users to purchase, exchange, and use this app as payment for goods & services.

2023

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

BSP orders ____ to stop its operations. It is a popular app which allows users to purchase, exchange, and use this app as payment for goods & services.

A	Instagram
B	Shopee
C	Lazada
D	Lyka

Explanation:

Detailed explanation-1: -Lyka gems controversy: Philippine shop shuts down after losing P5 million. A shop in the Philippines has reportedly shut down after losing P5 million that it failed to get in cash refund for its Lyka-based transactions.

Detailed explanation-2: -In July 2021, an order was issued by the BSP for LYKA and Digital Spring, the promoter of LYKA in the Philippines, to cease and desist from all of its financial transactions and merchant accreditations.

Detailed explanation-3: -The BSP said it upheld the cease-and-desist order issued in July reiterating that LYKA/TIL and not Digital Spring should register as OPS with the BSP. The central bank said it transmitted a letter to Digital Spring denying its requests for reconsideration on Friday, October 8, 2021.

Detailed explanation-4: -A little known company owned by World Balance scion Bren Chong, the fugitive founder of the controversial social media-based payment app Lyka and Chong Bren Esports team, has allegedly been conniving with big and small corporations to evade taxes through fraudulent documents, Bilyonaryo has learned.

There is 1 question to complete.