Binance, the world's largest cryptocurrency exchange, continues to face problems in various countries.
At this point, Binance recently faced some problems in the Philippines.
According to local news agency Nikkei Asia, the Philippine SEC said Binance is a threat to the security of the Philippines.
Stating that it will continue to block Binance, the Philippine SEC said that it will continue to block citizens' access to Binance's main website and related platforms.
The official statement made the following statements:
“The Securities and Exchange Commission (SEC) continues to block cryptocurrency giant Binance's online presence in the Philippines.
At this point, at its meeting on March 12, the SEC made a formal request to the National Telecommunications Commission (NTC) to help block the website and other web pages used by Binance, which was found to offer an investment and trading platform.
Binance is actively running promotional campaigns on social media to attract Filipinos to participate in investment and trading activities using their platform. An app version can also be downloaded from Google Playstore and Apple App Store.
However, Binance has not received a license from the SEC to solicit investments from the public or to establish or operate an exchange for the trading of securities, as required by Republic Act No. 8799 or the Securities Regulation Act (SRC).”
The Philippine SEC, which has been making negative moves against Binance for a while, had previously stated that Binance did not have the right to sell or provide securities to the public and advised Filipino investors to close their positions and withdraw their investments.
*This is not investment advice.
