Crypto Exchange Binance Operates Illegally in the Philippines
The Philippines Securities and Exchange Commission (SEC) has declared that crypto exchange Binance is not a registered corporation and has been operating without the necessary license or authority. In an advisory released on Nov. 28, the SEC stated that Binance is actively promoting its services even though it lacks the required license. The SEC acknowledges that some online crypto exchanges possess licenses from foreign institutions, but it emphasizes that local approval is still needed. Operators must apply for registration, provide details of their securities, and obtain a secondary license to sell them to the public.
Penalties for Offenders
The SEC asserts that Binance is in violation of relevant securities regulations for failing to submit a registration application. As a result, those who sell or promote the Binance platform within the Philippines may face criminal charges. Offenders can be fined up to five million pesos (P 5,000,000.00) or imprisoned for up to 21 years, or both, according to the SEC’s statement.
Hot Take: Philippines SEC Warns Against Binance’s Illegal Operations
The Philippines Securities and Exchange Commission (SEC) has issued a warning against crypto exchange Binance, stating that it is operating without the necessary license and registration. The SEC emphasizes that crypto exchanges, even those licensed by overseas institutions, must still obtain local approval before selling or offering securities and investment products to the public. Failure to do so may result in criminal charges, with penalties including hefty fines and long-term imprisonment. This development highlights the importance of regulatory compliance in the cryptocurrency industry, as authorities worldwide are becoming stricter in their enforcement. Investors and users are advised to be cautious and choose platforms that operate within the bounds of the law.
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