The Philippine Securities and Exchange Commission (SEC) continues to put pressure on the Binance crypto exchange. According to local media, the regulator intends to begin a complete blocking of the trading platform, writes Incrypted.
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Caution
“The SEC cautions the public against using the Binance cryptocurrency exchange. We intend to block the platform in the Philippines to protect users from unregistered investment products,” the regulator said in a statement.
According to available information, the supervisory authority has received approval from the National Telecommunications Commission (NTC) in response to a request to close local access to the Binance website.
The head of the Infrawatch PH think tank in Manila, Terry Readon, called the SEC's actions “the next step in regulating the cryptocurrency sector and protecting the interests of the community.”
Remember
In November 2023, the SEC announced that Binance did not have a license to operate in the Philippines. It later became known that the Commission gave the company three months to obtain permission.
The exact number of Binance users in the Philippines remains unknown. The country took sixth place in the Chainalysis ranking for the level of adoption of crypto assets in 2023, beating Indonesia, Pakistan, Brazil and Thailand.