Philippine regulators are initiating measures to restrict local traders’ ability to use Binance

by bollywoodfever · 25/03/2024

Philippine regulators are initiating measures to restrict local traders’ ability to use Binance

On Monday, the Philippines Securities and Exchange Commission (SEC) announced it is taking action to limit access to the globally leading crypto exchange by daily trading volume.

This decision comes as Binance lacks the necessary regulatory approval to function within the country. Two weeks prior, the SEC requested assistance from the National Telecommunications Commission (NTC) in blocking websites linked to Binance.

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The SEC highlighted, “The group has been actively employing promotional campaigns on social media to attract Filipinos to engage in investment and trading activities using its platforms.”

However, it emphasized that Binance “has not secured from [regulators] a license to solicit investments from the public, nor to create or operate an exchange for the buying and selling of securities,” according to the statement.

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