Four months after the Philippines issued an SEC advisory against Binance, the SEC finally approved the move to block the cryptocurrency marketplace in the Philippines.
In a press statement, the SEC said that they have sent a formal request to the NTC to block Binance’s website and all other web pages used by the cryptocurrency marketplace. Just like the SEC advisory last November, the move to block Binance in the Philippines is because it “was found to have offered and investment and trading platform without the necessary license from the Commission”.
“The SEC has identified the aforementioned platform and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos,” said SEC Chairperson Emilio Aquino.
While Binance describes itself as the world’s biggest cryptocurrency trading platform with over 169 million users, it has faced several controversies. One of the biggest controversies involved Binance Chief Changpeng Zhao resigning from his post after he pleaded guilty to violating U.S. anti-money-laundering requirements. This led them to pay fines of more than $4 billion.
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You can read the SEC’s press statement below:
