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Binance Promotion In The Philippines: Here’s Why You Could Face Up To 21 Years In Prison

Press Releases Crypto News Bitcoinist Binance Promotion In The Philippines: Here’s Why You Could Face Up To 21 Years In Prison

According to a Reuters report, the Philippines Securities and Exchange Commission (SEC) has taken steps to restrict access to Binance, the world’s largest cryptocurrency exchange in terms of trading volume.

Binance Faces Access Block In The Philippines

The SEC has announced its decision to block access to Binance within the Philippines. Per the report, the commission cited Binance’s lack of registration as a corporation in the country and its failure to obtain the required license and authority to sell “securities”.

The suspension is expected to take effect within three months of the SEC’s November 28 advisory. This extension is to allow Filipino users to withdraw their investments from the crypto exchange.

Notably, as part of its efforts to restrict the exchange’s operations, the SEC has reached out to Alphabet’s Google and Facebook’s parent company, Meta, asking them to ban Binance’s online advertising in the Philippines in an effort to limit the platform’s reach and prevent further investment activity in the country.

According to the SEC’s findings, the platform has been actively conducting promotional campaigns on various social media platforms to attract Filipino investors. While Binance may be accessed through its website, the Google Playstore, and the Apple App Store, the commission highlights that securities and investment products must be registered with the SEC before being sold or offered to the public.

The regulator stated that Binance, as an operator, is not registered as a corporation in the Philippines and lacks the Go to Source to See Full Article
Author: Ronaldo Marquez

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