Binance, the world’s largest crypto exchange, to be blocked by Philippines’ SEC
Philippines SEC Takes Action Against Binance
The Philippines’ Securities and Exchange Commission (SEC) has made a move to block access to Binance, the world’s largest cryptocurrency exchange. This comes following the recent resignation of Binance’s chief executive officer, who pleaded guilty to violating U.S. anti-money laundering laws.
Unregistered Operator
The SEC stated that the operator of Binance was not a registered corporation in the Philippines and was operating without the necessary license and authority to sell or offer securities. As a result, the SEC has initiated the process of removing access to Binance within the country.
Three-Month Notice
According to the SEC, the removal of access to Binance in the Philippines will take effect within three months of the advisory issued on November 28. This grace period is intended to give Filipino users time to withdraw their investments from the cryptocurrency exchange.
Ban on Online Advertisements
In addition to blocking access to Binance, the SEC has also called on Alphabet’s Google and Facebook’s parent company, Meta, to prohibit online advertisements from Binance in the Philippines. Furthermore, the SEC issued a warning to individuals who sell via or convince others to invest in the platform, stating that they may be held criminally liable.
Change in Leadership
The move by the SEC comes shortly after Binance’s former chief, Changpeng Zhao, stepped down as CEO following his guilty plea for causing the exchange to fail to maintain an effective anti-money laundering program. Despite attempts for comment, Reuters received only an automated response from Binance via email.
Possible Ramifications
The Philippines SEC action against Binance reflects a growing trend of regulatory scrutiny and enforcement of cryptocurrency exchanges and platforms around the world. This move underscores the importance of adhering to legal and regulatory requirements, particularly in the cryptocurrency and financial technology sectors.
Looking Ahead
As the Philippines SEC continues to crack down on unregistered and unauthorized operators in the cryptocurrency space, the industry can expect heightened scrutiny and enforcement of regulations. This latest development serves as a reminder of the need for compliance with securities laws and regulations in the burgeoning cryptocurrency landscape.
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