©Reuters
PHILIPPINES – The Philippine Securities and Exchange Commission (SEC) is taking decisive action against cryptocurrency exchange Binance, aiming to block the platform’s operations in the country. The regulator cited the lack of proper registration of the Binance company and unauthorized securities offerings as the main reasons for the impending restriction.
The SEC, together with the National Telecommunications Commission (NTC) and the Department of Information and Communications Technology (DICT), is set to block Filipino users from accessing Binance’s website and applications . This measure is part of broader action to protect investors and ensure that all financial service providers operate within the legal framework.
Binance’s activities have come under scrutiny for violations of Republic Act No. 8799, also known as the Securities Regulation Code. The SEC has highlighted risks associated with the platform, particularly targeting Binance’s social media promotions aimed at Filipino investors. The commission highlighted that individuals who promote or sell investments on Binance could face criminal liabilities, including fines of up to ₱5 million (US$1 = PHP55,363) or imprisonment of up to up to 21 years old.
Aside from direct enforcement measures, the SEC also contacted tech giants Google and Meta to ask them to ban Binance advertisements in the Philippines. The SEC’s planned measures are expected to take effect within three months, signaling a significant change in the regulatory landscape for cryptocurrency exchanges operating in the Philippines.
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