The Philippines has proceeded to block crypto exchange Binance. The country’s Securities and Exchange Commission (SEC) has concluded that the public’s continued access to Binance’s websites and apps “poses a threat to the security of the funds of investing Filipinos.”
The Philippine SEC Warns Against ‘Investing in and Using Binance’
The Philippine Securities and Exchange Commission (SEC) announced Monday that it has proceeded with the “blocking of the online presence of cryptocurrency giant Binance in the Philippines.”
During its March 12 meeting, the Commission approved a formal request to the National Telecommunications Commission (NTC) seeking assistance in blocking Binance’s website and other web pages used by the crypto exchange. Binance was discovered to be offering an investment and trading platform without the required license from the Commission, the announcement details.
SEC Chairperson Emilio B. Aquino stated in the letter addressed to the NTC:
The SEC has identified the aforementioned platform and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos.
According to the Philippine SEC, Binance has been “actively employing promotional campaigns on social media to attract Filipinos to engage in investment and trading activities using its platforms.” The crypto exchange’s app is also downloadable in the country on the Google Play store and the Apple App Store.
The Philippine SEC emphasized that Binance has not obtained a license to solicit investments from the public or to establish or operate a securities exchange, as mandated by the country’s Securities Regulation Code (SRC). The regulator noted:
The SEC warned the public against investing in and using Binance, as well as started studying the possible blocking of Binance’s website and other online presence in the Philippines, as early as November 2023.