The Philippine Securities and Exchange Commission (SEC) has issued an advisory to ban the operations of crypto exchange Binance in the country, saying it violated the Securities Regulation Code (SRC).
According to the SEC, Binance is not a registered corporation in the Philippines and is not authorized to sell or offer securities to Filipino investors.
The ban will take effect within three months after the issuance of the advisory, which was dated November 28. This will give Filipino investors who have holdings in Binance enough time to close their positions and withdraw their investments.
Once the ban is implemented, Binance’s website and its applications will no longer be accessible to the public while they are in the Philippines.
The SEC has also requested Google and Meta, the operator of Facebook, to halt online advertisements from Binance from appearing to users in the country. The agency found the crypto exchange has been advertising on social media to lure Filipinos into investing and trading on its platforms.
Binance is one of the largest and most popular crypto exchanges in the world, with over 100 million users from over 180 countries, supporting over 500 cryptocurrencies with a daily trading volume of over $25 billion.
The SEC warned the public to exercise caution when dealing with unregistered online platforms that offer securities or other investment products, especially those involving cryptocurrencies. Cryptocurrencies are highly volatile and risky and investors may lose all or a substantial portion of their investments.
Source | Via
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