The Securities and Exchange Commission (SEC) of the Philippines has initiated proceedings to restrict access to Binance, the world’s largest cryptocurrency exchange. This action follows the recent resignation of Binance’s chief, who pleaded guilty to violating U.S. anti-money laundering laws.
The SEC stated that the operator of Binance is not a registered corporation in the Philippines and lacks the necessary license and authority to sell or offer any form of securities.
According to the SEC’s statement issued on Nov. 28, the restriction of access in the Philippines will be implemented within three months, providing Filipino users with a window to withdraw their investments from the crypto exchange.
In addition to the access restriction, the SEC has called on Alphabet’s Google and Facebook’s Meta to prohibit online advertisements from Binance in the Philippines. The regulatory body has also issued warnings to individuals involved in selling or persuading others to invest in the platform, cautioning that they may face criminal liability.
The recent resignation of former Binance chief Changpeng Zhao, who pleaded guilty to willfully causing the exchange to fail in maintaining an effective anti-money laundering program, has raised concerns and prompted regulatory action.
Reuters reached out to Binance for comment via email but received an automated response. The developments in the Philippines add to the growing challenges faced by Binance on the global regulatory front.
