Philippines’ SEC Moves to Block Binance Amid Licensing Concerns

By: FintechNews
Source: fintechnews

n a significant development, the Philippines’ Securities and Exchange Commission (SEC) has escalated its actions against the unlicensed operations of Binance, the globally renowned leading cryptocurrency exchange, until recently.

This move comes after the SEC’s decision, during their meeting on 12 March, to seek the National Telecommunications Commission’s (NTC) aid in restricting access to Binance’s website and other online platforms. The decision was motivated by Binance’s engagement in offering investment and trading services without acquiring the necessary authorisation from the regulatory body.

Emilio B. Aquino

Emilio B. Aquino, the Chairperson of the SEC, highlighted the potential risks to Filipino investors’ funds as a driving force behind the Binance request to the NTC, underscoring the importance of safeguarding the public from unlicensed investment avenues.

“The SEC has identified the aforementioned platform and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos,”

Chairperson Emilio B. Aquino stated in the letter-request that was addressed to the NTC.

Binance, known for its vast operations, including various cryptocurrency investment services and a user base exceeding 183 million worldwide, has not complied with the Philippine laws requiring a license for soliciting investments and operating a securities exchange. This lack of compliance has prompted the SEC to take preventive measures to protect local investors.

This initiative is part of the SEC’s broader efforts to clamp down on illegal investment schemes, as demonstrated by the securities regulator’s previous actions against other platforms like OctaFX and MiTrade. The SEC’s proactive stance aims to ensure a secure investment environment in the Philippines, urging the public to steer clear of unlicensed platforms and redirect their investments towards legally sanctioned products and platforms.