The Securities and Exchange Commission (SEC) of the Philippines has taken decisive action to block access to Binance, a major cryptocurrency exchange, citing concerns over its lack of proper licensing.
The regulatory body has secured approval from the National Telecommunications Commission (NTC) of the Philippines to restrict access to Binance’s website and its associated services across the country.
Emilio Aquino, Chairperson of the SEC, expressed to the NTC that Binance poses a significant risk to the financial security of Filipino investors. The SEC has accused Binance of offering various services, including crypto savings accounts and leveraged trading options, without obtaining the necessary authorizations.
While the exact number of Filipino users on Binance remains undisclosed, research from GWI suggests that the Philippines boasts over 9.3 million cryptocurrency owners, ranking it as the seventh largest country in terms of crypto ownership.
The SEC issued a warning back in November, asserting that Binance was operating in the Philippines without the required permits. Additionally, the commission has called upon tech giants Google and Meta (the parent company of Facebook) to cease any advertisements by Binance targeting Filipino consumers, citing concerns about social media promotions aimed at enticing investors from the Philippines.
Binance has encountered regulatory hurdles in various countries, including Nigeria, where it has faced significant backlash since February. In a recent development, the exchange’s regional manager, detained as part of an investigation, reportedly fled the country using a fake passport.
The move by the Philippines’ SEC to block access to Binance underscores the escalating regulatory challenges faced by the exchange on a global scale.
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