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Philippines SEC Prepares to Block Access to Binance

TraderKnows
TraderKnows
2023-11-30

The Philippines Securities and Exchange Commission (SEC) is preparing to block access to Binance, the world's largest cryptocurrency trading platform.

The Philippines Securities and Exchange Commission (SEC) is preparing to block access to Binance, the world's largest cryptocurrency trading platform. The SEC noted that Binance is not authorized to sell or offer securities in the Philippines and is not registered as a company in the country.

SEC

The Philippines Securities and Exchange Commission (SEC) stated in an announcement that Binance has been actively promoting on social media to attract Filipinos to invest and trade on its platform. The SEC is also planning to seek assistance from the National Telecommunications Commission and the Department of Information and Communications Technology to block access to Binance in the Philippines. Additionally, the agency has requested Google and Meta to prohibit Binance-related online advertisements in the Philippines.

The SEC warns that anyone acting as a salesperson, agent, promoter, recruiter, influencer, endorser, and facilitator for Binance, selling or persuading people to invest in its platform in the Philippines, even through online means, could be held criminally liable. They could face fines of up to 5 million Philippine Pesos (approximately $90,000) or imprisonment for up to 21 years.

In addition, Binance is currently facing legal challenges in the United States. The company and its founder and CEO, Changpeng Zhao (CZ), have agreed to pay over $4 billion to settle an investigation by the U.S. Department of Justice. The charges include violations of the Bank Secrecy Act, failure to register as a money transmitting business, and violation of the International Emergency Economic Powers Act. Changpeng Zhao has also pleaded guilty to failing to maintain an effective anti-money laundering program and has resigned from his position as CEO of Binance.

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These series of events reflect the growing global regulatory pressure on cryptocurrency exchanges and the compliance and legal challenges faced by the cryptocurrency industry.

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