Philippine regulators, the Securities and Exchange Commission (SEC), will block Binance, a platform that provides service to people to trade crypto, from being accessed in the country.
The SEC stated to the public in November, saying Binance’s operator is not a registered corporation and the platform is not authorized to sell securities in the Philippines.
Filipino investors will be given time to close their positions and take out their investments before the access to Binance shuts down, said the regulator.
The SEC requested the National Telecommunications Commission and the Department of Information and Communications Technology to help in blocking Binance, with the attempt to request Google and Meta to prevent Binance from advertising to Philippines’s social media users.
The SEC added that people who perform any activities to endorse or enable Binance in persuading people to invest in its platform may be regarded as criminally liable in the Philippines.
Just a few weeks ago, Binance Holdings Ltd. and its founder Changpeng Zhao (CZ) agreed to pay $4.3 billion, one of the largest corporate agreements in US history, after pleading guilty to anti-money laundering and US sanctions violations.