- The Philippines SEC has cracked the whip on Binance.
- The commission sought NTC’s help in taking regulatory action against Binance.
- The regulator alleged that Binance has been operating in the country without a license.
The Philippines Securities and Exchange Commission (SEC) has “proceeded with the blocking” of Binance’s online platforms in the country, the regulator said on Monday.
The development comes after the securities watchdog issued an advisory against Binance in November last year, warning the public that the exchange’s operator in the Philippines was attracting and enticing users to engage in trading activities without a license.
Philippines SEC Proceeds to Block Binance
According to a press release dated March 25, the SEC’s filing of a formal request with the National Telecommunications Commission (NTC) for assistance in blocking Binance’s website and other web pages was approved in a March 12 meeting, allowing the regulator to take action against the exchange.
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“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,” SEC Chairperson Emilio B. Aquino said in the letter request to NTC.
The securities watchdog alleged that Binance “has been actively” targeting Filipinos with social media promotional campaigns despite not having a license to solicit investment from the public nor “to create or operate an exchange” for securities offerings as required by SRC regulations.
Per the statement, the SEC ensured that users “would have enough time” to exit Binance by warning against the exchange and studying the possible blocking of its online presence in the country as early as November 2023.
Other crypto platforms blocked by the NTC this year upon the commission’s request include the websites and apps of OctaFX and MiTrade.
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