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.
Stay in the know on crypto by frequently visiting Crypto News Today
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.
CryptoCaster Quick Check:
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.”
We hope you found this article insightful. Before you go, please consider supporting CryptoCaster’s independent journalism.
In the world of media owned by billionaires like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase), influence over narratives surrounding cryptocurrency and Web3 often reflects their interests. CryptoCaster is different. With no billionaire backers or shareholder obligations, we are committed solely to public interest journalism, covering crypto advancements and institutional changes without profit-driven motives.
Unlike much of mainstream media, which can fall into neutrality traps that obscure the real impacts on retail investors, we’re guided by transparency and integrity. We are unafraid to take a stand in the ongoing struggle against fiat banking dominance and in support of the monetary innovation driven by crypto and Web3. Reporting on issues like FTX, Binance, and Ripple, we bring a bold, unfiltered outsider’s view on global financial disruption—free from the constraints of traditional media narratives.
CryptoCaster remains paywall-free, accessible to everyone, thanks to the support of readers like you. Your contributions keep us independent and help ensure that critical information on the crypto landscape reaches all. If you value our work, please consider supporting us with a one-time contribution starting at just $1 in Bitcoin or Ether, or even monthly if you’re able. Scroll down to find our wallet addresses and help keep CryptoCaster independent and thriving.
Thank you for your support,
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
CRYPTOCASTER HEATMAP
