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‘Binance is Operating Without a License’ Warns Philippines Security Regulator

Binance is Operating Without a License Warns Philippines Security Regulator
Binance is Operating Without a License Warns Philippines Security Regulator

The Philippines Securities and Exchange Commission (SEC) has issued a notice including a warning to users in the country that Binance, the world’s largest cryptocurrency exchange, may soon be blocked in the country. The regulator has accused Binance of operating without a license in the country and promoting crypto trading to Filipinos on social media, which is an offense in the country. The regulator has warned that those who act as salesmen, brokers, dealers, or agents of Binance in selling or convincing people to invest in its platform within the Philippines, even through online means, may be held criminally liable.

The regulator has also sought the assistance of the National Telecommunications Commission to block Binance in the country, and it has ordered Google and Meta to block local ads from Binance. If approved, this block will take place in three months, allowing local users to liquidate and withdraw their positions.

Binance has responded to the regulator’s warning, stating that it is committed to aligning with applicable local regulations and has taken proactive steps to address the SEC’s concerns under its new leadership.

Binance recently settled with U.S. authorities, agreeing to pay $4.3 billion in fines on charges that it failed to maintain a proper anti-money laundering program, operated an unlicensed money-transmitting business, and violated sanctions law.

In conclusion, the Philippines SEC is warning users in the country that Binance is operating without a license in the country and promoting crypto trading to Filipinos on social media, which is an offense in the country. The regulator is seeking the assistance of the National Telecommunications Commission to block Binance in the country, and it has ordered Google and Meta to block local ads from Binance. Binance has responded to the regulator’s warning, stating that it is committed to aligning with applicable local regulations and has taken proactive steps to address the SEC’s concerns under its new leadership.

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