SEC in Philippines: Binance is Operating Without a License – Here’s the Latest
The Securities and Exchange Commission in the Philippines has warned users that cryptocurrency exchange, Binance is operating without the required license.
In a Nov 28 press release, the regulator stated that the exchange lacks authorization to sell securities to the public in the Philippines adding that users should exercise caution.
“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 as defined under Section 3.1 of the Securities Regulation Code (SRC), to engage in the business of buying or selling securities”
The Commission noted that its primary investigations reveal that Binance has conducted several promotional campaigns on social media to attract Filipinos to invest and trade securities or other assets on the platform.
According to the regulators, the website of the exchange stated that it facilitates trades among a wide range of products including spot leveraged trading, options, and derivatives and while it may be registered in other jurisdictions, the exchange lacks such standing in the country.
As the global exchange cannot establish and operate by offering services to local markets, the SEC urged to exercise full caution before making any exposure to “unregistered online investment platforms.”
The regulatory body warned individuals and entities who aid the company in its operations in the country would be liable to twenty-one years in prison, five million pesos, or both.
“…those who act as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, influencers, endorsers, and enablers of the BINANCE platform in selling or
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