Philippines SEC to restrict Binance, warns of legal risks for promoters

The Philippine SEC announces plans to block Binance access, cautioning against unregistered investments and warning of legal repercussions for promoters.

The Philippine Securities and Exchange Commission (PSEC) has initiated measures to restrict the accessibility of the Binance trading platform within the nation. According to the regulators, the exchange lacks official registration as a corporation in the Philippines. Consequently, it’s not legally permitted to offer securities trading services in the country. 

The PSEC has set a three-month window following the advisory. This period is intended to allow Philippine investors with active investments on the platform to liquidate their positions and withdraw their funds.

Furthermore, the Commission has reached out to tech giants Google and Meta, urging them to halt the display of Binance advertisements to users in the Philippines on their respective online platforms. In addition, the PSEC has sought assistance from the National Telecommunications Commission and the Department of Information and Communications Technology to facilitate the blocking of Binance’s services.

The PSEC’s statement also contains a stern warning. It emphasizes that individuals acting in various capacities, such as salespersons, brokers, agents, promoters, recruiters, influencers, endorsers, and facilitators for Binance in the Philippines, particularly in persuading others to invest through the platform, could face criminal charges. This applies to both physical and online activities within the country’s jurisdiction.