The Philippines is among the leading countries in the Asia-Pacific region in terms of cryptocurrency adoption. However, the authorities are not pleased with this trend.
The Philippine Securities & Exchange Commission has urged citizens not to use the Binance platform’s services. The SEC’s head, Oliver Leonardo, reminded the public that the activities of this trading platform are not regulated by the authorities.
The official emphasized that Binance lacks the required authority and license to serve investors. Only registered companies are granted the necessary licenses to conduct business with investors.
The SEC’s press service stated that Binance violates all major laws, including those governing the securities market and the corporate code. If Filipino Binance users suffer losses, the regulator is prepared to sue the trading platform.
In June, the crypto company’s leadership stated its intention to register as a virtual service provider in the Philippines. The country’s authorities, represented by the Central Bank and the Ministry of Industry and Trade, however, were opposed to the exchange serving local traders.
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