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Philippines Securities and Exchange Commission imposes restrictions on Binance access, citing concerns about illegal activities and the protection of investors.
The Philippines Securities and Exchange Commission (SEC) has enacted measures to limit local access to the Binance cryptocurrency exchange. This action is a response to concerns regarding Binance’s alleged involvement in illegal activities within the jurisdiction.
On March 25, the SEC issued a statement detailing its petition to the National Telecommunications Commission (NTC) to block access to Binance’s website and trading platforms for users in the Philippines.
Emilio B. Aquino, the SEC Chairperson, emphasized the necessity of this action to safeguard Filipino investors, expressing concerns over the ongoing accessibility of the platform posing a risk to users’ funds.
Furthermore, the SEC has filed charges against Binance for offering investment products, including leveraged trading and crypto savings services, without proper authorization, citing violations of the Securities Regulation Code.
As a protective measure, the SEC has advised users to liquidate their positions on Binance within a three-month period.
Additionally, the SEC has reached out to major tech companies such as Google and Meta, urging them to block Binance-related advertisements targeted at individuals in the Philippines, intensifying the regulatory pressure on the cryptocurrency exchange’s operations within the country.
Landmark US Court Decision Results in Fine for Binance and CEO
This prohibition adds to a series of regulatory challenges for Binance, as authorities worldwide intensify scrutiny. In a significant legal milestone in December 2023, a U.S. court mandated Binance to pay $2.7 billion, while its former CEO, Changpeng “CZ” Zhao, was ordered to pay $150 million to the Commodity Futures Trading Commission (CFTC).
This ruling concluded a protracted legal battle initiated by the CFTC in March 2023, alleging Binance’s evasion of federal laws and operation of an unlawful derivatives exchange in the U.S.
CZ’s leadership tenure concluded in November as he resigned following a settlement with the US Department of Justice, the Treasury Department, and the CFTC.
On that occasion, Zhao admitted to several civil offenses and one criminal offense related to Anti-Money Laundering laws. Simultaneously, his sentencing concerning money laundering charges was deferred until April 30.
He remains out on a $175 million bond. These events underscore the extensive regulatory scrutiny Binance has faced, impacting its global operations and strategies.
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