The Philippines Securities and Exchange Commission (SEC) has announced that it will block internet access to Binance’s platform in the country.
According to a notice released on Monday, March 25, 2024, Binance failed to secure the necessary license to operate or advertise its services to the Filipino public, violating the Republic Act No. 8799, also known as the nation’s Securities Regulation Code. The commission highlighted that operating a securities trading and investment platform without proper registration and approval is against regulatory requirements.
The regulatory body accused Binance of flouting regulations by conducting promotional activities through social media to attract investors within the country.
The securities regulator noted it had already filed a formal request with the National Telecommunications Commission on March 12, 2024, to help block the site and other related pages used by the exchange.
The SEC emphasized that accessing the crypto trading platform poses a potential threat to the security of Filipino investors’ funds and cautioned the public against engaging with it.
The securities regulator had previously warned the country’s citizens that the exchange was operating without the required license.
This development adds to Binance’s ongoing legal challenges globally. The exchange has been under scrutiny by the US SEC and has faced bans in numerous countries, including Iran, China, Canada, Japan, The Netherlands, The United Kingdom, France, Thailand, Belgium, and Germany.
Recently, Binance encountered legal troubles in Nigeria, where authorities sued the exchange for operating an unlicensed trading platform and allegedly manipulating the nation’s currency, the Naira. Two top executives of Binance were detained as part of the country’s actions against the exchange.
In a separate incident on the same day, March 25, 2024, Nigerian authorities levelled a four-count tax evasion allegation against Binance, adding to the exchange’s mounting legal woes.
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