Local Authorities in the Philippines Accuse Binance of Operating Illegally
The Securities and Exchange Commission (SEC) in the Philippines has issued a warning stating that Binance, a popular cryptocurrency exchange, is operating illegally in the country. The SEC requires crypto companies to register and provide detailed information about the securities they offer before selling or offering them to the public.
The Philippine SEC has issued an advisory: Binance, operating without authorization, has been promoting on social media in the Philippines. Those acting as brokers or promoters for such unregistered entities risk criminal charges, fines up to ₱5m, or jail time.
— Crypto India (@CryptooIndia) November 29, 2023
In its statement, the SEC confirmed that Binance is not registered as a corporation in the Philippines and lacks the necessary license and authority to sell securities. The regulator also emphasized that promoting cryptocurrency trading without proper authorization is considered illegal and may result in criminal charges.
My prediction on @binance. Regulators will fabricate massive fraud and force them into bankruptcy. Then the largest legacy institutions will purchase all of their assets in liquidation to make sure they hold the majority of the useful crypto assets. And finally, a flood of…
— Crypto Value Hunter (@majesticboss55) November 28, 2023
Binance Faces Opposition from the SEC
Binance recently underwent a leadership change as its founder stepped down from his role as part of a settlement deal with the US SEC. The new CEO, Richard Teng, has pledged to address compliance issues and improve investor trust. However, the SEC in the Philippines is seeking to block Binance’s operations due to its alleged illegal activities.
Hot Take: Binance’s Legal Troubles Continue to Grow
Binance is facing increasing legal challenges as authorities in the Philippines accuse the exchange of operating illegally. The Philippine SEC has warned that Binance does not have the necessary license or authority to sell securities in the country. Promoting cryptocurrency trading without proper authorization is also considered illegal. These accusations could lead to criminal charges and significant fines for Binance. As the exchange undergoes a leadership change and faces opposition from regulators, its future remains uncertain.
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