The Philippine Securities and Exchange Commission (SEC) announced that Binance is not authorized to sell securities in the country.
According to the statement made in the Philippines, the SEC, as a result of the investigations it carried out, banned Binance from allowing investors in the country to invest on the platform. advertising campaigns on various social media platforms found that he organized it.
According to the SEC’s statement, in order for companies to sell or offer securities to citizens in the Philippines, the securities in question must be registered with the SEC, be issued by an organization registered in the Philippines, and the issuing organization must have a secondary license to offer them to the public.
“According to the Commission’s database, the operator of the Binance platform is not registered as a company in the Philippines and operates without the necessary license and/or authorization.” statement was made.
According to local news sources, the SEC ordered Binance in the Philippines to ensure the safety of investors. ban access took action for.
The regulator also contacted Binance representatives. maximum of 5 million pesos (2.6 million lira) including a fine He emphasized that criminal sanctions may be imposed.