The Securities and Exchange Commission (SEC) of the Philippines is taking decisive action against Binance, a cryptocurrency exchange, citing operational activities without proper licensing. The SEC has obtained approval from the National Telecommunications Commission (NTC) to enforce a nationwide block on access to Binance’s website and services.
Emilio Aquino, the Chairperson of the SEC, has expressed concerns to the NTC about the potential financial risks posed to Filipino investors by Binance’s unauthorized operations. Binance stands accused of offering services such as crypto savings accounts and leveraged trading options without obtaining the necessary regulatory approvals.
While exact figures on Filipino users of Binance remain undisclosed, research from GWI indicates that the Philippines ranks as the seventh largest country globally in terms of cryptocurrency ownership, with an estimated 9.3 million owners.
The SEC had previously issued warnings in November regarding Binance’s lack of permits to operate in the Philippines. Furthermore, the commission has urged major tech companies like Google and Meta (formerly Facebook) to cease advertisements by Binance targeting Filipino users, citing concerns over potentially misleading social media promotions.
Binance’s regulatory challenges extend beyond the Philippines. The exchange has faced significant scrutiny in Nigeria since February, with reports emerging today of its regional manager being detained as part of an investigation and subsequently fleeing the country using fraudulent travel documents.