Binance to be blocked in the Philippines by regulatory watchdogs
The Philippines’ SEC is taking steps to block local access to Binance, citing that the exchange operates without the necessary license.
The regulatory body has successfully obtained the green light from the National Telecommunications Commission (NTC) of the Philippines to prohibit access to Binance’s website and its associated services nationwide.
Emilio Aquino, the SEC Chairperson, communicated to the NTC that Binance poses a risk to the financial safety of Filipino investors. The SEC has accused Binance of illegally offering various services, including crypto savings accounts and leveraged trading options, without securing the proper authorizations.
Although the number of Filipino users on Binance is unavailable, GWI research suggests the Philippines has over 9.3 million cryptocurrency owners, positioning it as the seventh largest country in crypto ownership.
The SEC issued a warning in November stating that Binance was conducting business in the Philippines without the requisite permits. The commission has requested tech giants Google and Meta, the parent company of Facebook, to halt any advertisements by Binance that target Filipino consumers, highlighting concerns over social media promotions aimed at drawing in investors from the Philippines.
Binance continues to face regulatory challenges in different countries. The largest crypto exchange has been facing severe backlash in Nigeria since February. Earlier today, the exchange’s regional manager, detained as a part of the investigation, fled the country using a fake passport.
