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Philippines SEC Bans Binance
The Philippines Securities and Exchange Commission (SEC) has announced its decision to block local access to Binance, enforcing a ban on the exchange due to unauthorized operations in the country.
Background
The SEC accused Binance of offering investment and trading services to Filipinos without the necessary license, violating the Securities Regulation Code (SRC).
Enforcement Actions
- The SEC requested the National Telecommunication Commission to block access to Binance platforms.
- Google and Meta were urged to restrict Binance-related advertising in the Philippines.
Legal Implications
The SEC warned that individuals promoting Binance could face criminal liability under the SRC.
Impact on Traders
Filipino traders have three months to close their positions on Binance following the ban.
Regulatory Challenges for Binance
The ban by the Philippines SEC adds to the regulatory woes faced by Binance globally.
Previous Regulatory Actions
In 2023, the CFTC and the SEC in the US charged Binance with various violations, leading to legal consequences for the exchange and its former CEO, Changpeng Zhao.
Recent Developments
CZ resigned as CEO of Binance following a settlement with US authorities, including fines and compliance measures.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
