The Philippine Securities and Exchange Commission (SEC) has taken a significant step towards blocking access to cryptocurrency platform Binance within the country. During a commission meeting on March 12th, the SEC formally requested assistance from the National Telecommunications Commission (NTC) to restrict access to Binance’s website and associated web pages.
The SEC’s primary concern centers around Binance’s operation without a necessary license. The commission highlighted that Binance offers investment and trading functionalities that fall under the purview of securities regulations.
“The SEC has determined continued public access to these platforms poses a threat to Filipino investor protection,” stated SEC Chairperson Emilio Aquino in a letter to the NTC.
This action follows the SEC’s initial warning issued in November 2023, flagging Binance’s unauthorized securities offerings. According to the SEC, Binance’s activities include spot trading with leverage, futures and options contracts, cryptocurrency savings accounts, staking services, and facilitating initial coin offerings (ICOs).
Despite boasting a daily trading volume exceeding $65 billion across 402 cryptocurrencies and a user base exceeding 183 million, Binance’s operations remain unlicensed within the Philippines. The SEC emphasizes that Binance actively targets Filipino investors through social media promotions, further raising concerns.
While readily available on both Google Playstore and Apple App Store, the SEC stresses that Binance lacks the necessary licenses to operate under the country’s Securities Regulation Code.
The SEC acknowledges the substantial user base of Binance and assures Filipino investors ample time to withdraw and explore licensed investment options before the potential ban takes effect.
The SEC said it has been actively working with the NTC to block websites illegally offering investments in the country.
“In February, the NTC ordered all internet service providers to block the websites and apps of OctaFX and MiTrade for the protection of the investing public, upon the Commission’s request,” it said
Source: GMANewsOnline
