By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
TechziTechziTechzi
  • Home
  • Community
    • Our Review
    • Join Our Slack community
    • Referral: Richieee
    • Referral: 6 for 6
  • Publications
    • Special Report: SE Asian Startup Funding
    • Top 30 Most Funded Southeast Asia Startups
  • Agencies
  • About
    • About us
    • Contact
Search
© 2023 Techzi . All Rights Reserved.
Reading: Binance’s Top Philippines Exec Exits Amid License Limbo
Share
Font ResizerAa
TechziTechzi
Font ResizerAa
Search
  • Home
  • Community
    • Our Review
    • Join Our Slack community
    • Referral: Richieee
    • Referral: 6 for 6
  • Publications
    • Special Report: SE Asian Startup Funding
    • Top 30 Most Funded Southeast Asia Startups
  • Agencies
  • About
    • About us
    • Contact
Have an existing account? Sign In
Follow US
© 2023 Techzi . All Rights Reserved.
Crypto & Web3

Binance’s Top Philippines Exec Exits Amid License Limbo

Anuj Kumar Verma
Last updated: February 12, 2024 1:49 pm
Anuj Kumar Verma
Share
2 Min Read
SHARE
  • Binance bid to acquire Manila firm, eyed licenses in Philippines crypto market growth.
  • But SEC advisory names exchange an unauthorized securities seller, and order access is blocked.
  • Stern’s unexplained departure casts doubt on Binance’s local legitimacy hopes.

Contents
Binance Philippines Executive Bids FarewellPhilippines Regulatory LandscapePhilippine Licence Hopes Now in Peril

Binance Philippines Executive Bids Farewell

Binance’s ambitions to cement legitimacy in the Philippines took a major hit this week as general manager Kenneth Stern – the face of its local expansion – abruptly exited after 3 years. 

Stern’s unexplained departure came right as the country’s Securities Exchange Commission dropped a bombshell advisory naming Binance an unauthorized securities seller, ordering Google and Facebook to block its ads locally. 

Philippines Regulatory Landscape

The notice gives Filipino users three months to close positions and withdraw funds before the SEC vows to revoke access entirely. It landed just after founder Changpeng Zhao resigned as CEO amid US money laundering charges. 

Philippine Licence Hopes Now in Peril

Ironically, Binance announced plans last year to acquire a Manila-based firm for VASP and EMI licenses in a regulatory push – with Stern spearheading efforts as a country lead. 

But with its exchange ban looming and top executive in the market gone, Binance faces deeply uncertain horizons in one of Asia’s hottest crypto battlegrounds. 

For Web3 cheerleaders heralding adoption tipping points, the episode highlights how much work remains before virtual assets become mainstream.

TAGGED:div5

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook X Copy Link Print
Share
Previous Article Study Finds No ‘Smoking Gun’ Linking Social Media to Mental Health Woes
Next Article Fashion Sourcing Platform Inflow Raises $2M to Streamline Vietnamese Supply Chains

Subscribe to our newsletter to get our newest articles instantly

Please enable JavaScript in your browser to complete this form.
=

Stay Connected

XFollow
InstagramFollow
YoutubeSubscribe
TiktokFollow

Latest News

Techzi is Pausing
Media December 24, 2024
Twitch Pioneer Emmett Shear Launches Mysterious AI Venture
AI December 24, 2024
OpenAI CEO Labels Musk a ‘Bully’ in Latest Tech Titan Clash
AI December 24, 2024
AI Revolution Could Spark Live Entertainment Boom
Culture December 24, 2024

You Might also Like

AIFood tech

Targeted Ads Coming Soon to Smart Grocery Carts

February 12, 2024
VC

Rebranding Success: Clay Capital Secures $145 Million in Fresh Funds

February 12, 2024
Crypto & Web3

Bitcoin Breaks $69,000 as Halving and ETF Approvals Drive Rally

March 8, 2024
Startups

Singapore Cloud Communications Startup Toku Bags $5M to Fuel Global Growth

November 26, 2024
Crypto & Web3

Terraform Labs Files for Bankruptcy After Luna Collapse

February 12, 2024
Hardware

Chinese AR Leader Rokid Reaches Unicorn Status After $112M Funding

February 12, 2024
AI

Klarna’s AI Replaces 700 Employees

March 11, 2024
Gaming

Roblox Unleashes “Year of Scale” with Ad Innovations

May 9, 2024
Strategy

Eric Partaker Sums Up the Art of Meetings, Bezos’ Proven Strategies for Engagement

March 18, 2024
AI

Musk Presses for More Tesla Control Amidst AI Concerns

February 12, 2024
Startups

Philippines Payroll Startup Salarium Suspends Operations Amid Disbursement Issues

February 12, 2024
Health-Tech

A Chat with Alex and Yulia, the Founders of MedsGo

April 9, 2024

Techzi

SE Asian tech news: Free & Comprehensive. Read more

Quick Links

  • Logistics
  • Marketplace
  • Mobility
  • Startups
  • VC
  • Food tech
  • Gaming
  • Health-Tech
  • Media
  • Social Media
  • SaaS
  • Travel

Quick Links

  • AI
  • Edutech
  • Climate
  • Creators
  • Crypto & Web3
  • Culture
  • Deep Tech
  • e-Commerce
  • FAANG
  • Fashion
  • Fintech

Techzi Tech Newsletter

FREE and Curated by Tech Insiders

Legal

Privacy Policy

Terms & conditions

TechziTechzi
Follow US
© 2024 Techzi . All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?