Regulatory Watchdogs in the Philippines Set to Block Binance
The Securities and Exchange Commission (SEC) of the Philippines is taking measures to block local access to Binance, stating that the exchange is operating without the necessary license.
After obtaining approval from the National Telecommunications Commission (NTC) of the Philippines, the regulatory body has been authorized to prevent access to Binance’s website and associated services across the country.
Emilio Aquino, the SEC Chairperson, has informed the NTC that Binance poses a risk to the financial security of Filipino investors. The SEC has accused Binance of unlawfully providing various services, such as crypto savings accounts and leveraged trading options, without obtaining the required authorizations.
While the exact number of Filipino users on Binance is unknown, research conducted by GWI suggests that the Philippines has more than 9.3 million cryptocurrency owners, making it the seventh largest country in terms of crypto ownership.
In November, the SEC issued a warning stating that Binance was conducting business in the Philippines without the necessary permits. The commission has requested tech giants Google and Meta (the parent company of Facebook) to cease any advertisements by Binance targeting Filipino consumers, expressing concerns regarding social media promotions aimed at attracting investors from the Philippines.
Binance continues to encounter regulatory hurdles in various countries. The leading crypto exchange has faced significant backlash in Nigeria since February. Earlier today, the exchange’s regional manager, who was detained as part of the investigation, escaped the country using a forged passport.
