The Securities and Exchange Commission (SEC) of the Philippines is taking measures to block local access to Binance, citing the exchange’s operation without the required license. The regulatory body has received approval from the National Telecommunications Commission (NTC) to prevent access to Binance’s website and services across the country.
Emilio Aquino, the SEC Chairperson, expressed to the NTC that Binance poses a financial risk to Filipino investors. The SEC has accused Binance of offering services such as crypto savings accounts and leveraged trading options without proper authorization.
While the exact number of Filipino users on Binance is unknown, research from GWI indicates that the Philippines boasts over 9.3 million cryptocurrency owners, making it the seventh-largest country in terms of crypto ownership.
In November, the SEC issued a warning that Binance was operating in the Philippines without the necessary permits. The commission has requested tech giants Google and Meta (Facebook’s parent company) to stop any advertisements by Binance targeting Filipino consumers, citing concerns over social media promotions aimed at attracting investors from the Philippines.
Binance is facing regulatory hurdles in various countries, including Nigeria where it has been under scrutiny since February. Today, the exchange’s regional manager, who was detained as part of an investigation, reportedly escaped the country using a fake passport.