Kenneth Stern Leaves Binance Amidst Regulatory Challenges in the Philippines

By: FintechNews
Source: fintechnews

Kenneth Stern, the former General Manager of Binance in the Philippines, has officially parted ways with the company. This development follows an advisory by the Philippines’ Securities and Exchange Commission (SEC), which warned that Binance is not authorised to offer securities in the country and is not registered as a corporation there.

Kenneth Stern

Stern’s departure initially came to light through an update on his LinkedIn profile, but Binance indicated to Tech in Asia that his role there might have ended in July 2023. The news of the Stern departure comes amidst a challenging period for Binance in the Philippines.

In response to the situation of Binance operating without authorisation or registration in the Philippines, the Philippine SEC announced stringent measures. It set a three-month deadline for Filipino investors to close their positions and withdraw their investments from Binance, after which the platform’s local access would be revoked. This decision underscores the regulatory pressures Binance is

Additionally, in a broader move to curb Binance’s activities, Filipino regulators have requested tech giants Google and Meta to stop Binance’s online advertisements targeting users in the Philippines.

Stern’s departure coincides with these regulatory challenges and follows the recent stepping down of Binance’s founder and CEO, Changpeng Zhao, who pleaded guilty to violating US anti-money laundering laws and was barred from holding a managerial position in the company for three years. In the wake of these changes, Richard Teng, previously the company’s global head of regional markets, has been named the new CEO of Binance.