The financial regulator from Philippines indicates that Binance is not allowed à operate in the archipelago, and accuses it of having launched numerous advertising campaigns aimed at philippines.
The Securities and Exchange Commission of the Philippines said Tuesday that the giant Binance did not have the necessary authorizations to offer securities buying and selling services in the Southeast Asian country.
“Based on the reports and information gathered by the Commission, Binance actively resorted to promotional campaigns on various social media platforms to attract and entice Filipinos to engage in investment and trading activities using its platforms,” the regulator added.
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According to the Chainalysis index, the Philippines ranks 6th worldwide in terms of crypto adoption.
According to Reutersthe SEC is now seeking to block access to Binance, and has asked Meta and Google to ban the company’s advertising in the Philippines. It is giving users 90 days to withdraw their funds from the exchange.
Last week, Binance pleaded guilty in a criminal case in the US. The world’s largest crypto exchange was fined $4.3 billion. Founder-CEO Changpeng Zhao has resigned and faces a prison sentence.
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