The Philippines Securities and Exchange Commission (SEC) has reportedly issued an advisory against Binance for allegedly carrying out unauthorized business operations.
This latest announcement from the Philippines comes shortly after the nation’s SEC stated that it would begin calling out unlicensed exchanges as part of its advisories moving forward, along with working closely with the National Telecommunications Commission (NTC) in order block/prevent access to the cryptocurrency exchanges’ websites.
As reported by local sources, the SEC public information officer said that in line or consistent with the issuance of the advisory, the SEC will be asking for assistance from the National Telecommunication Commission as well as the Department of Information and Communications Technology in an effort to block access to Binance in the Philippines.
This move should prohibit local consumers from accessing the website and its related applications while residing in the Asian country.
The removal of access in the Southeast Asian nation is set to take effect within 3 months following the issuance of the advisory, in order to give local investors who may have crypto holdings in Binance to close out their positions and withdraw their funds.
Furthermore, the SEC in the country has asked Google and Meta, the owner of Facebook, to prevent online ads from Binance appearing to users currently residing in the Philippines.
As part of a major regulatory update, the Philippines Securities and Exchange Commission (SEC) confirmed its advisory against the crypto exchange, Binance, for allegedly operating without required authorization in the Philippines.
As widely reported, Binance was ordered to pay a $4.3 billion fine as part of an unprecented settlement – a key part of a major lawsuit against the struggling exchange operator carried out by US authorities. Last week, it was also reported that Binance founder Changpeng Zhao has now stepped down from the CEO role, and has been replaced by Richard Teng.