The Binance logo is displayed on a screen on June 6, 2023 in San Anselmo, California. Justin Sullivan, Getty Images/AFP

MANILA -- The Philippine Securities and Exchange Commission (SEC) has asked the National Telecommunications Commission (NTC) to block the website and other pages of cryptocurrency giant Binance.

The crypto trading platform is not registered in the Philippines and is therefore not authorized to sell or offer securities in the country, the regulator said.

“The SEC has identified the aforementioned platform and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos,” said SEC Chairperson Emilio Aquino. 

In November, the securities regulator already said that it would move to block access to Binance as part of a crackdown on online trading platforms operating in the country without licenses. 

Philippines to block access to crypto giant Binance

The SEC, however, said that Filipinos who have invested in Binance will have enough time to exit the platform and reposition their portfolio.

Investing in crypto? Read this first

On its website, Binance describes itself as the world's biggest crypto trading platform, with about 169 million users trading over 350 cryptocurrencies. 

In late 2023, former Binance chief executive Changpeng Zhao resigned his post after he and the company pleaded guilty to sweeping US money laundering violations and agreed to fines of more than $4 billion. 

Aside from Binance, the SEC has also asked the NTC to block the website and app of unlicensed investment platform MiTrade.

NTC blocks website, app of investment platform MiTrade