In a decisive move, the Securities and Exchange Commission (SEC) of the Philippines has taken action to officially block Binance, the world’s largest cryptocurrency exchange platform, from operating within the country.
The regulatory body’s decision, announced on Monday, comes after months of scrutiny over Binance’s activities in the Philippines, citing concerns over the exchange’s lack of proper licensing and regulatory compliance.
According to the announcement, existing users have until three months from the date of the announcement to withdraw all their funds and exit crypto positions on the exchange.
“Binance, however, has not secured from the SEC a license to solicit investments from the public, nor to create or operate an exchange for the buying and selling of securities, as required by Republic Act No. 8799, or The Securities Regulation Code (SRC),” the release states.
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Formal Request for Assistance
The SEC’s ban on Binance’s online presence in the Philippines follows a formal request made to the National Telecommunications Commission (NTC) for assistance in blocking Binance’s website and associated web pages. This move underscores the regulator’s commitment to protecting Filipino investors from potential risks posed by unlicensed trading platforms.
SEC Chair Emilio B. Aquino highlighted the rationale behind the ban, stating that the public’s continued access to Binance’s platforms could jeopardize the security of investors’ funds. The SEC’s actions reflect its mandate to safeguard the interests of investors and maintain the integrity of the financial markets in the Philippines.
History of Warnings
The SEC’s decision to ban Binance comes after months of warnings and observations regarding the exchange’s operations in the country. Binance had been offering investment and trading services without obtaining the necessary regulatory approvals, prompting the SEC to issue multiple warnings to the public.
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The ban on Binance in the Philippines is part of a broader trend of regulatory scrutiny facing the cryptocurrency exchange worldwide. Binance has faced investigations and closures in other parts of the world, including Nigeria and Russia, amid concerns over compliance with local regulations and allegations of tax evasion.
Impact on Filipino Investors
The SEC’s ban on Binance will have significant implications for Filipino investors who have been using the platform to access cryptocurrencies. The move aims to protect investors from potential risks associated with unlicensed trading platforms and ensure compliance with local laws and regulations.
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The SEC’s decision to ban Binance sends a clear message to other cryptocurrency platforms operating in the Philippines and beyond. It underscores the importance of regulatory compliance and adherence to local laws to ensure the safety and security of investors. As the cryptocurrency landscape continues to evolve, regulatory authorities are stepping up efforts to protect investors and maintain market integrity.
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