2 November 2024
Philippines’ SEC Cautions Public About Investing In Binance
The Securities and Exchange Commission (SEC) of the Philippines has warned the public about investing in cryptocurrency exchange Binance. According to the warning, Binance was not registered to do business in the Philippines.
As per a letter to Infrawatch PH dated August 2, 2022, the SEC said based on its initial assessment, “Binance is not a registered corporation or partnership.”
A copy of the letter has been provided to the media.
The letter states, “Binance does not possess the necessary authority and or license to solicit investments as only registered corporations can apply for and be issued the necessary licenses to solicit investments. Considering these circumstances, we caution the public not to invest with Binance.”
The SEC also asked investor victims who may have been affected by Binance operations to file complaints for specific violations of the securities regulation code, the revised corporation code, and other applicable laws and regulations.
Earlier, the Infrawatch PH demanded the central bank of the Philippines and the Department of Trade and Industry to look into crypto exchange’s operations and also ban the exchange in the country.
Currently, Binance is looking to secure the VASP and EMI licenses in the Philippines and that “its goal is to contribute to the Philippines’ increasingly vibrant web3 and blockchain ecosystem.”
Last month, the central bank of Dutch imposed a fine of 3.3 million euros (US$3.4 million) on Binance. The founder and CEO Changpeng Zhao said that the exchange has spent over US$1 billion on compliance efforts.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice
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