- The Philippines SEC is set to block access to Binance due to regulatory concerns.
- Binance has been offering unlicensed services, posing a threat to Filipino investors’ funds.
- The move follows regulatory warnings and leadership changes at Binanceid.
Safeguarding Filipino investors’ funds
The Securities and Exchange Commission (SEC) of the Philippines is set to move forward with the blocking of the country’s crypto exchange platform, Binance, according to local media reports.
The watchdog received approval for its filing with the Philippines’ National Telecommunications Commission (NTC), requesting the removal of local access to Binance’s main website and other related platforms.
SEC chairperson Emilio Aquino, in a letter to the NTC, described Binance as a “threat to the security of the funds of investing Filipinos.”
Unlicensed crypto adoption
The SEC stated that Binance has been offering services such as crypto savings accounts and leveraged trading products in the country without the necessary licenses.
Although the total number of Filipino Binance users remains unknown, crypto news publication Coin Journal estimates that there were 7 million crypto owners in the Philippines as of February last year, representing roughly 6.1% of the population.
Regulatory warnings and leadership changes
The SEC has been publicly warning Filipino users against Binance since November 2023, just days after the company’s former CEO Changpeng Zhao pleaded guilty in the US to breaking anti-money laundering laws.
The SEC also expressed its intent to ban Binance in the Philippines within three months, but the move was delayed due to a reshuffle in the government body’s leadership.
During this period, a Binance spokesperson confirmed to Tech in Asia that Kenneth Stern, the head of Binance’s operations in the Philippines, had exited the company in July 2023.
To read the original article: https://www.techinasia.com/philippines-move-binance-ban
