The Philippine SEC has moved to block local access to global cryptocurrency exchange Binance. The SEC accuses Binance of offering investment products without proper licenses. The regulator gave Filipino investors a 3-month period to liquidate their Binance positions.
Another blow to Binance came from the Philippines
The Philippine Securities and Exchange Commission (SEC) has implemented controls aimed at restricting local access to Binance. This step comes in response to concerns about Binance’s illegal activities in the region. A March 25 post from the SEC cites the regulator’s petition to the National Telecommunications Commission (NTC) to prevent users in the Philippines from accessing Binance’s website and trading platforms. SEC Chairman Emilio B. Aquino interpreted this move as necessary to protect Filipino investors. He also pointed out that the fact that the platform was still open represented the threat of losing its funds.
Binance has also been accused by the SEC of providing investment products such as leveraged trading services and crypto savings services without the necessary qualifications. The regulator claims that such practices violate the Securities Regulation Act. The SEC gave users a 3-month period to liquidate their positions on Binance. In this way, it aims to protect investors. Additionally, the SEC has requested blocks from major tech companies, including Google and Meta. In this regard, he asked people in the Philippines to block Binance-related ads. Thus, it tightened the noose on the operations of the cryptocurrency exchange in the country.
Binance and CEO Fined in Major US Court Ruling
cryptokoin.comAs you follow from , Binance is facing scrutiny from authorities around the world. The latest move by the Philippine authority is another set of regulatory hurdles for Binance. In a major legal development in December 2023, a US court ruled that Binance must pay $2.7 billion and its former CEO Changpeng Zhao (CZ) must pay $150 million to the Commodity Futures Trading Commission (CFTC). The decision ended the legal dispute initiated by the CFTC in March 2023. The CFTC was accusing Binance of evading federal laws and operating an illegal derivatives exchange in the United States.
Meanwhile, CZ’s leadership reign ended in November when he resigned following a settlement with the U.S. Department of Justice, Treasury Department, and CFTC. That day, Changpeng Zhao pleaded guilty to several civil offenses and one criminal offense. At the same time, the court postponed his sentencing on money laundering charges until April 30. He remains free on $175 million bail. Such incidents point to deep regulatory scrutiny affecting all of Binance’s operations and strategies around the world.
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