- According to the authority, Binance is in violation of the Securities Regulation Code.
- The SEC requested NTC to block access to Binance’s website and trading platforms.
In an effort to limit access to the crypto exchange inside the Philippines, the Securities and Exchange Commission (SEC) instituted regulations. This action is taken in reaction to the concerns raised over Binance’s potential unlawful actions inside the jurisdiction.
Moreover, in a 25 March announcement, the SEC mentioned its request to the National Telecommunications Commission (NTC) to block access to Binance’s website and trading platforms in the Philippines.
Significant Crack Down
Furthermore, Chairperson of the SEC, Emilio B. Aquino, said that the measure was necessary to safeguard Filipino investors, who face the risk of losing their money if the platform remains online.
The SEC has also levied charges against Binance for offering unlicensed financial products such crypto savings services and leveraged trading. According to the authority, these actions are in violation of the Securities Regulation Code.
In order to safeguard investors, the SEC has proposed a three-month grace period for customers to sell their holdings on Binance. Further shackling Binance’s activities in the Philippines is the SEC’s request that major internet firms like Google and Meta prohibit advertisements connected to the crypto exchange.
Binance is already under investigation from regulators all around the world, and this restriction is adding to their list of problems. Binance and its ex-CEO Changpeng Zhao were ordered by a U.S. court to pay the CFTC $2.7 billion and $150 million, respectively, in December 2023, marking a significant legal step.
CommEX has stated that it would be temporarily suspending operations on its trading platform after acquiring Binance’s Russian business. Also, there will be a comprehensive timeframe offered to users, and the closure will be executed in stages.
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