Cryptocurrency Exchange Binance Operates Without Approval in the Philippines, Says Securities Regulator
In a recent announcement, the Philippines Securities and Exchange Commission (SEC) warned that popular cryptocurrency exchange Binance has been operating in the country without the necessary approval or license. The SEC emphasized that Binance, like any other exchange, must apply for registration and provide detailed information about the securities it offers before selling them to the public.
The Philippines’ Securities Regulation Code (SRC) requires securities issuers to be registered in the country and obtain a secondary license to sell or offer securities to the public. However, according to the SEC, Binance is not registered as a corporation in the Philippines and operates without the necessary license and authority to sell or offer any form of securities.
The SEC also accused Binance of illicitly promoting its services in the country, warning that entities involved in promoting or trading on the platform may be held criminally liable under Section 28 of the SRC. This offense carries a penalty of a fine of up to 5 million Philippine pesos ($90,300), imprisonment of 21 years, or both, under Section 73 of the SRC.
As of now, Binance has not responded to the SEC’s warning or provided any comment on the matter.
This is a developing story, and further information will be added as it becomes available.
