The Securities and Exchange Commission (SEC) has officially ruled to restrict the operations of Binance in the Philippines.
In the press statement below, the SEC noted that they have filed for a request with the National Telecommunications Commission (NTC) to block Binance’s website.
This is inclusive of all their web pages, with the request being on the grounds of the cryptocurrency giant operating without the necessary license from the SEC.
Binance has been established as the largest cryptocurrency trading platform in the world.
The company is an entity that boasts an average daily trading volume of USD 65 billion, while also supporting over 400 different cryptocurrencies.
Their user base is also extensive, with Binance’s website claiming to have over 183 million registered users worldwide.
The SEC also gave ample time for netizens to withdraw their investments from Binance last year.
However, the commission also noted that individuals aiding Binance operations could face criminal charges. Committing to further use of the platform may incur penalties up to PHP 5 million or imprisonment with a term up to 21 years.
Previously, Binance has stated its commitment to working in harmony with local regulatory bodies, taking measures to address concerns raised by the SEC.
However, with the recent press release from the SEC, it looks as if the company did not reach the regulatory requirements for compliance.
If there’s any further news about this, we’ll be sure to let readers know of the status of Binance in the Philippines.
Salamat nalang sa lahat Binace, we will not forget you.