The Philippines SEC Blocks Local Access to Crypto Exchange Binance

Twitter icon  •  Published 3 weeks ago  •  Hassan Maishera

The Philippines SEC has blocked local access to Binance, revealing that the crypto exchange is operating in the country without a proper license.

TL;;DR

  • Binance users in the Philippines can no longer access the crypto exchange after the local SEC blocked access to the platform.

  • The regulator warned in November that Binance was operating in the country without the necessary licenses.

Binance Blocked by the Philippines SEC

The Philippines Securities and Exchange Commission has blocked local access to Binance, the world’s leading cryptocurrency exchange. The regulator revealed this in a notice published on Monday. 

The SEC filed a formal request with the national telecommunications agency on March 12. The agency was directed to “block the website and other web pages used by Binance, which was found to have offered an investment and trading platform without the necessary license." SEC Chairperson Emilio B. Aquino commented that

"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.” 

Furthermore, the SEC also critized Binance for running promotional campaigns via social media to attract investors in the Philippines without proper regulatory approval. 

Binance continues to come under fire in certain countries. The cryptocurrency exchange was slapped with a $10 billion fine in Nigeria as regulators deemed its activities unapproved in the country.

The cryptocurrency exchange has since delisted the local Nigerian Naira (NGN) from its P2P marketplace as it makes a partial exit from the country.

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.