Cryptocurrency exchange Binance has come under scrutiny in the Philippines for operating without the necessary approval or license from the local securities regulator. The Philippines Securities and Exchange Commission (SEC) issued a warning stating that Binance is not authorized to sell or offer securities in the country. According to the SEC, Binance must apply for registration and provide detailed information about the securities it offers before selling them to the public. The SEC also highlighted that securities issuers need to be registered in the country and obtain a secondary license to sell or offer securities to the public. The regulator further stated that Binance is not registered as a corporation in the Philippines and is operating without the necessary license and authority. In addition to operating without the required license, the SEC accused Binance of illicitly promoting its services in the country. The regulator warned that entities involved in promoting or trading on Binance may face criminal liability. The penalties for this offense include a fine of up to 5 million Philippine pesos ($90,300) and imprisonment of up to 21 years. Binance has not yet responded to the SEC’s warning.

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Information	Details
Geography	Asia
Countries	🇵🇭
Sentiment	negative
Relevance Score	1
People	None
Companies	Philippines Securities and Exchange Commission (SEC), Binance
Currencies	None
Securities	None