The Securities and Exchange Commission (SEC) of the Philippines has taken steps to restrict access to Binance, the largest cryptocurrency exchange globally. This action follows the resignation of Binance’s chief executive, who has acknowledged wrongdoing in breaching U.S. anti-money laundering regulations. The SEC claimed that Binance, as the operator, did not have proper registration as a corporation in the Philippines and conducted business without the necessary license and authority to sell or offer securities.
The SEC has recently announced that access in the Philippines will be removed within three months, according to a statement released on Nov. 28. This timeframe is designed to provide Filipino users with ample time to withdraw their investments from the crypto exchange. In addition, the SEC has reached out to major tech companies, such as Google and Meta, asking them to prohibit online advertisements from Binance in the Philippines. The SEC has also issued a warning, emphasizing that individuals engaged in selling or promoting investments in the platform could potentially face criminal liability.
Changpeng Zhao, the former CEO of Binance, stepped down from his position following his admission of intentionally causing the exchange to fall short in maintaining an effective anti-money laundering program. In spite of our efforts to obtain a comment from Binance through email, Reuters only received an automated response.