Binance Faces Restrictions in the Philippines
The Philippines Securities and Exchange Commission (SEC) has announced that it will block access to Binance, the world’s largest cryptocurrency exchange. The SEC cited Binance’s lack of registration as a corporation in the country and its failure to obtain the necessary license and authority to sell securities as reasons for the restriction. Filipino users will have three months to withdraw their investments from the platform before the suspension takes effect.
SEC Targets Online Advertising
The SEC has also reached out to Google and Meta (formerly Facebook) requesting that they ban Binance’s online advertising in the Philippines. The commission aims to limit the platform’s reach and prevent further investment activity in the country. The SEC found that Binance has been conducting promotional campaigns on various social media platforms to attract Filipino investors, despite not being registered with the commission.
Criminal Charges and Penalties
The SEC’s advisory warns individuals involved in sales, brokerage, promotion, recruitment, or endorsement of Binance within the Philippines that they may face criminal liability. Violators could be subject to a maximum fine of five million pesos ($900,000), imprisonment for up to twenty-one years, or both, according to Section 28 of the Securities Regulation Code.
Concerns and Caution
The Philippine SEC’s actions reflect concerns about Binance’s operations in the country. With the guilty plea of Binance’s former CEO and the potential for criminal liability, investors are advised to exercise caution. The industry will closely follow developments surrounding Binance and regulatory actions taken by the SEC.
Hot Take: BNB Price Declines Amidst Regulatory Troubles
As of writing, BNB is priced at $228, indicating a 1.8% decline in the last 24 hours. The token has been unable to stabilize above the $230 threshold, which can be attributed to Binance’s recent settlement in the United States. This development has caused a significant price drop of nearly 10% over the past fourteen days.
Featured image from Shutterstock, chart from TradingView.com
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