By preventing local users from accessing Binance, the largest cryptocurrency exchange in the world based on trading volume, the Philippines Securities and Exchange Commission (SEC) has taken a major regulatory step.
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The SEC’s decision was predicated on Binance’s inability to obtain the required license from the commission to function as an investment and trading platform, according to a release released by the regulator on Monday.
Services And Website For Binance Blocked
The SEC decided to ask the National Telecommunications Commission (NTC) for help blocking Binance’s website and associated websites during its meeting on March 12.
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According to the SEC, Binance was providing trading and investment services without the necessary license and was allegedly a “threat” to the security of the money held by Filipino investors. In the request to the NTC, SEC Chairman Emilio Aquino stressed how crucial it is to safeguard investors’ interests. According to Aquino:
The SEC has identified the aforementioned platform and determined that the security of the money invested by Filipinos is at risk if the public continues to have access to these websites and applications.
The Asian nation’s regulator reports that Binance has amassed a sizable user base of over 183 million members, with an average daily trading volume of $65 billion and support for over 402 cryptocurrencies.
The SEC did note that Binance does not currently possess the required license to accept investments from the general public or run a securities exchange. As a result, the SEC cautioned the public not to use or invest in Binance’s services.
Since November 2023, the commission has been actively investigating the possibility of prohibiting Binance’s website and online presence in the Philippines. Nonetheless, the SEC has given investors enough time to move their portfolios to approved platforms and products because of Binance’s “sizable operations.”
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