Philippines SEC says Binance operates without the ‘necessary license’ in its jurisdiction News ▸ Asia · Philippines ▸ Binance ▸ Exchanges
Philippines SEC says Binance operates without the ‘necessary license’ in its jurisdiction
Binance faces regulatory issues across multiple jurisdictions.
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Updated: Nov. 29, 2023 at 1:12 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The Philippines Securities and Exchange Commission (SEC) issued a cautionary advisory regarding Binance’s operations within the country, according to a Nov. 28 update.
The regulator stated:
“Binance is not registered as a corporation in the Philippines and operates without the necessary license and/or authority.”
While acknowledging Binance’s registration in other countries, the regulatory body said the firm is not registered in the Philippines and has not fulfilled the requirements for platforms intending to offer securities under its jurisdiction.
Alongside the warning, the SEC outlined potential penalties for individuals or entities promoting Binance within the country. They could face up to 21 years of imprisonment and fines reaching 5,000,000 Pesos (approximately $90,000).
The regulator concluded that Filipinos must exercise caution before investing in any exchange’s offerings.
Binance regulatory issues
During the past year, Binance has faced increased regulatory across multiple jurisdictions, including the United States, the U.K., Nigeria, and several European countries.
In the U.S., several federal agencies, including the U.S. Department of Justice and the Commodity Futures Trading Commission (CFTC), recently reached a $4 billion settlement with the exchange. Besides that, the firm’s founder, Changpeng ‘CZ’ Zhao, resigned as CEO after pleading guilty to money laundering charges.
The U.S. Securities and Exchange Commission (SEC) has also filed legal actions against the cryptocurrency exchange.
On the other side of the Atlantic, BInance has exited from several European jurisdictions like Germany, the Netherlands, Austria, and Cyprus. The firm has also had to close shop in the U.K.
Simultaneously, some Binance users have initiated a class-action lawsuit against Cristiano Ronaldo for endorsing the exchange. These users alleged that Ronaldo’s promotion of the firm caused them financial losses.
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.