SEC to Block Binance After Three Months
The Philippines’ Securities and Exchange Commission warned the Filipino public against a popular crypto exchange and plans to block Binance in the Philippines three months after issuing an advisory against the company.
In a press release issued by the SEC, they plan to block the platform’s access in the country to safeguard the public from unregistered investment products.
The SEC will request assistance from the Philippine Telecommunications Commission and the Department of Information and Communications Technology to block access to Binance in the Philippines.
Once granted, the Philippine government will prohibit users from accessing the website and its applications inside the country.
See Also: SEC Philippines Issues Advisory to Binance
Removing access to Binance in the Philippines is expected to take effect within three months after the issuance of the advisory to give Filipino investors who have holdings in Binance to close their positions and take out their investments.
Aside from SEC’s coordination with the NTC and the DICT, the agency has requested Google and Meta to prohibit online advertisements from Binance from appearing to users in the Philippines based on the press release to the public.
The SEC advisory against Binance states that it is not authorized to sell or offer securities to the public in the Philippines; despite being a registered broker or dealer overseas, Binance activities in the Philippines require adherence to specific regulations under the Securities Regulations Code (SRC).
The SEC’s decision to issue an advisory is not the first time that the Philippine SEC issued an advisory against similar entities, earlier this month, they also issued an advisory against OctaFX/Octa Trading and Mitrade as they claimed that they are addressing the rising number of online entities soliciting investments from the public, without the necessary licenses.
Binance Fiasco
SEC’s plan to block Binance comes after Binance CEO Changpeng Zhao (CZ) stepped down and pleaded guilty to breaking US anti-money laundering laws as part of the $4.3 billion settlement from the case filed by the US government.
CZ personally paid $50 million for the case. Binance appointed a new CEO in the person of Richard Teng, a former head of regional markets of Binance who is now facing a daunting challenge, including years of intrusive US financial monitoring, an ongoing US SEC lawsuit, and the potential loss of its dominance of the crypto sector.
Meanwhile, in an emailed statement, Binance said it is committed to aligning with Philippine laws.
“We acknowledge and respect the statement made by the Securities and Exchange Commission of the Philippines. At Binance, we are committed to aligning with applicable local regulations. Under our new leadership, we have taken proactive steps to address the SEC’s concerns,” Binance said.
Note: SEC to Block Binance in the Philippines first appeared in PhilNews.xyz
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