THE Securities and Exchange Commission (SEC) is looking to block access to Binance in the Philippines, saying that the cryptocurrency trading platform — the largest in the world — is not authorized to sell or offer securities in the country.
“The SEC found that Binance has been actively employing promotional campaigns on social media to attract Filipinos to engage in investment and trading activities using its platforms,” the agency said in a statement on Wednesday.
“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,” it added.
The SEC said it will ask the National Telecommunications Commission and the Department of Information and Communications Technology to help block access to Binance.
“The removal of access in the Philippines is expected to take effect within three months after the issuance of the advisory, in order to give Filipino investors who have holdings in Binance to close their positions and take out their investments,” it said.
The corporate watchdog said it had also requested Google and Meta, the operator of Facebook, to prohibit Binance-related online advertisements from appearing to users in the country.
Those who act as salesmen, representatives and enablers of the cryptocurrency exchange may be held criminally liable and be fined and/or imprisoned, the SEC warned.
Binance CEO Changpeng Zhao resigned last week after pleading guilty to money-laundering charges and faces years in prison after the firm reached a settlement with US regulators.
