Philippines SEC moves to block Binance access to Filipino users

Following the issuance of an advisory on Tuesday 28th, the Philippine SEC has moved to ban access to Binance in the country. According to a CryptoTVPlus report on Wednesday, the regulatory body had accused the cryptocurrency exchange of operating without a license in the country. 

The Philippines SEC’s latest move appears to be a fallout from the warning it issued to Binance earlier. Due to the exchange’s non-compliance with licensing, the SEC is implementing stringent efforts to protect Filipino investors while maintaining the integrity of the local financial market.

As such, in its statement, the regulator mentioned that it is placing a three-month ban on Binance, which takes effect from its advisory on Tuesday, November 28th. The temporary ban provides users in the country with adequate time to withdraw their investments from the crypto exchange, thus minimizing potential financial disruptions.

In addition, the SEC has reached out to Google and Meta, informing them to restrict online advertisements promoting Binance in the country. The regulator aims to limit the exchange’s reach and influence within the jurisdiction. Moreover, the SEC warned that individuals selling through or persuading others to invest in Binance are likely to face criminal charges.

Meanwhile, Binance’s former CEO, Changpeng Zhao, who recently stepped down, is facing regulatory trials in the U.S. after being accused of failing to comply with anti-money laundering (AML) laws. Interestingly, the Philippines SEC’s latest move questions Binance’s commitment to comply with regulations in its host countries.

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