SEC, NTC block Binance from Phl
The SEC has identified the 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
Daily TribuneThe SEC has identified the 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
The Securities and Exchange Commission (SEC) moved yesterday to block global crypto currency portal Binance’s online presence, effectively prohibiting the cryptocurrency exchange from operating within the country.
During its 12 March meeting, the commission en banc approved the filing of a legal request with the National Telecommunications Commission (NTC) for assistance in blocking the website and other web pages used by Binance.
Binance Holdings Ltd. is a global company that operates the largest cryptocurrency exchange in terms of daily trading volume.
“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,” SEC chairperson Emilio Aquino said in the letter-request addressed to the NTC.
No SEC license
Binance was found to have offered an investment and trading platform without securing a license from the Commission.
The self-described trading platform for financial instruments, provides various investment products. These include spot trading with leverage, futures contracts, options contracts, cryptocurrency savings accounts, cryptocurrency staking services, and a platform for initial coin offerings.
With an average daily trading volume of $65 billion and over 402 cryptocurrencies, Binance is touted as the world’s largest cryptocurrency website. It boasts over 183 million members, as stated on its website.
To attract Filipinos to engage in investment and trading activities, the group has been actively employing promotional campaigns on social media.
Binance also offers an app downloadable from the Google Play Store and the Apple App Store.
However, Binance is not licensed by the SEC to solicit investments from the public or to create or operate an exchange for buying and selling securities, as required by Republic Act No. 8799, or The Securities Regulation Code.
The SEC has warned the public against investing in and using Binance. It has also started studying the possibility of blocking Binance’s website and other online presence in the Philippines, starting in November 2023.
Considering the size and volume of Binance’s operations, the SEC has assured the investing public that they will have ample time to exit the platform and reposition their portfolios in favor of authorized investment products and platforms.
The SEC has been actively working with the NTC to block websites illegally offering investments in the country. In February, at the Commission’s request, the NTC ordered all internet service providers to block the websites and apps of OctaFX and MiTrade to protect the investing public.