- The Philippine Securities and Exchange Commission (SEC) proceeds with blocking Binance’s online presence within the country.
- The SEC deems Binance’s operations as unlicensed and a threat to investors’ security.
- This action follows a warning issued by the SEC against Binance in November 2023.
The Philippine Securities and Exchange Commission (SEC) has escalated its actions against Binance, the world’s largest crypto exchange, by finally issuing the order to fully block its website and related online platforms within the Philippines. This move underscores the agency’s ongoing efforts to regulate the cryptocurrency industry and protect investors in the country.
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In case you aren’t familiar, the decision to block Binance in the Philippines and its outcome have been unraveling since November 2023. The Philippine SEC’s decision stems from its determination that the exchange has been operating without the necessary license to offer investment and trading services in the Philippines up to now. As stated by SEC Chairperson Emilio B. Aquino, they believe that continued public access to Binance’s platforms poses a risk to the financial security of Filipino investors.
SEC to Block Binance Now
In a press release shared through the agency’s official website and social media channels, it is revealed that a formal request with the National Telecommunications Commission (NTC) to proceed with the blocking of Binance has already been approved. In other words, it may only be a matter of time until users in the Philippines are completely unable to reach – much less access – Binance’s various crypto-related services.
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The SEC press release states:
In its March 12 meeting, the Commission En Banc approved the filing of a formal request with the National Telecommunications Commission (NTC) for assistance in blocking the website and other web pages used by Binance, which was found to have offered an investment and trading platform without the necessary license from the Commission.
Binance describes itself as a global cryptocurrency exchange offering a wide array of financial instruments, including spot and derivatives trading, staking services, and initial coin offerings (ICOs). Out of all the known crypto exchanges, it boasts the highest trading volume and a user base exceeding 180 million users worldwide.
The Philippine SEC’s actions against Binance now demonstrate the growing regulatory focus on the crypto industry, even in countries outside of the US. As governments worldwide adopt various approaches to regulation, investors and cryptocurrency businesses alike will need to navigate a constantly evolving industry.
