Metro Manila (CNN Philippines, November 30) — The Securities and Exchange Commission (SEC) on Wednesday said it has begun the process of blocking access to the world’s largest cryptocurrency exchange, Binance.
According to the SEC, Binance is operating in the country without a license and authority to sell or offer securities.
“Based on the Commission’s database, the operator of the platform Binance is not registered as a corporation in the Philippines and operates without the necessary license and/or authority to sell or offer any form of securities,” the SEC said in a statement.
In line with the advisory, the SEC will seek help from the National Telecommunications Commission and the Department of Information and Communications Technology to block Binance access in the country.
It has also asked Google and Meta to ban online advertisements from Binance in the Philippines.
The removal of access will be effective three months after the advisory to let Filipino investors who have holdings in Binance close their positions and take out investments, the commission added.
The SEC also warned that salesmen, brokers, dealers or agents, representatives, promoters, recruiters, influencers, endorsers, and enablers of Binance in selling or convincing people to invest may be held criminally liable.
They may face imprisonment of up to 21 years, or pay a fine of ₱5 million, it added.
