PHILIPPINES – The Philippine Securities and Exchange Commission (SEC) is taking decisive action against cryptocurrency exchange Binance, aiming to halt the platform’s activities in the country. The regulator cited Binance’s lack of proper company registration and unauthorized securities offering as the main reasons for the impending restriction.
The SEC, in collaboration with the National Telecommunications Commission (NTC) and the Department of Information and Communications Technology (DICT), is set to prevent users in the Philippines from accessing Binance’s website and app. The move is part of a broader enforcement effort to protect investors and ensure that all financial services providers operate within the regulatory framework.
Binance’s activities have come under scrutiny for violating Republic Act No. 8799, also known as the Securities Regulation Code. The SEC has highlighted the risks associated with the platform, specifically targeting Binance’s social media promotions aimed at Filipino investors. The Commission has emphasized that those promoting or selling investments in Binance may face criminal liability, including fines of up to ₱5 million (USD 1 = 55,363 PHP) or imprisonment of up to 21 years.
In addition to direct enforcement measures, the SEC also contacted tech giants Google and Meta, requesting a ban on Binance advertising in the Philippines. The SEC’s planned actions are expected to take effect within three months, signaling a significant change in the regulatory landscape for cryptocurrency exchanges operating in the Philippines.
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