SEC warns Binance not allowed to sell crypto in PH, mulls blocking access | ABS-CBN
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SEC warns Binance not allowed to sell crypto in PH, mulls blocking access
SEC warns Binance not allowed to sell crypto in PH, mulls blocking access
ABS-CBN News
Published Nov 29, 2023 04:47 PM PHT
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Updated Nov 29, 2023 05:36 PM PHT
MANILA (UPDATE) - The Securities and Exchange Commission on Wednesday warned the public against using cryptocurrency exchange Binance, saying it is not authorized to sell or offer securities to the public in the Philippines.
MANILA (UPDATE) - The Securities and Exchange Commission on Wednesday warned the public against using cryptocurrency exchange Binance, saying it is not authorized to sell or offer securities to the public in the Philippines.
The SEC said it is also seeking to have the platform blocked in the Philippines to safeguard the public from unregistered investment products.
The SEC said it is also seeking to have the platform blocked in the Philippines to safeguard the public from unregistered investment products.
Binance is the largest crypto exchange in the world, with yearly trading volumes hitting trillions of dollars.
Binance is the largest crypto exchange in the world, with yearly trading volumes hitting trillions of dollars.
The SEC said Binance has been actively campaigning on social media to attract Filipinos to trading cryptocurrencies on its platform. However, under the Securities Regulation Code, entities seeking to trade securities, must secure a secondary license with the SEC, the agency added.
The SEC said Binance has been actively campaigning on social media to attract Filipinos to trading cryptocurrencies on its platform. However, under the Securities Regulation Code, entities seeking to trade securities, must secure a secondary license with the SEC, the agency added.
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“Those who act as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, influencers, endorsers, and enablers of Binance in selling or convincing people to invest in its platform within the Philippines, even through online means, may be held criminally liable under Section 28 of the SRC and be penalized up to P5 million or suffer imprisonment of up to 21 years, or both,” the SEC warned.
“Those who act as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, influencers, endorsers, and enablers of Binance in selling or convincing people to invest in its platform within the Philippines, even through online means, may be held criminally liable under Section 28 of the SRC and be penalized up to P5 million or suffer imprisonment of up to 21 years, or both,” the SEC warned.
The agency said it will ask for help from the National Telecommunications Commission and the Department of Information and Communications Technology to block access to Binance in the Philippines.
The agency said it will ask for help from the National Telecommunications Commission and the Department of Information and Communications Technology to block access to Binance in the Philippines.
“The removal of access in the Philippines is expected to take effect within three months after the issuance of the advisory, in order to give Filipino investors who have holdings in Binance to close their positions and take out their investments.”
“The removal of access in the Philippines is expected to take effect within three months after the issuance of the advisory, in order to give Filipino investors who have holdings in Binance to close their positions and take out their investments.”
The SEC said it has also asked Google and Meta to ban online ads from Binance in the Philippines.
The SEC said it has also asked Google and Meta to ban online ads from Binance in the Philippines.
Binance meanwhile said it acknowledges and respects the SEC's statement and is taking steps to align with Philippine laws.
Binance meanwhile said it acknowledges and respects the SEC's statement and is taking steps to align with Philippine laws.
“At Binance, we are committed to aligning with applicable local regulations. Under our new leadership, we have taken proactive steps to address the SEC's concerns.”
“At Binance, we are committed to aligning with applicable local regulations. Under our new leadership, we have taken proactive steps to address the SEC's concerns.”
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