The Philippines Securities and Exchange Commission (SEC) has issued a warning against cryptocurrency exchange Binance, claiming that the platform has been operating in the country without the necessary authorization or license. According to the SEC, Binance is not permitted to sell or offer securities in the Philippines. Prior to offering securities to the public, exchanges like Binance are required to register and provide comprehensive information about the securities being offered, including the issuance price and other details. The SEC also stated that Binance is not registered as a corporation in the Philippines and operates without the necessary license and authority. In addition to the lack of license, the SEC accused Binance of engaging in criminal promotion of its services within the country. The regulator warned that organizations involved in trading or promoting Binance would face criminal penalties. This announcement comes shortly after Binance CEO Changpeng Zhao resigned and pleaded guilty in a US court for violating anti-money laundering regulations. The Philippine SEC and the US SEC have joined forces to combat cryptocurrency fraud. Despite the warnings, Binance has maintained its position as a prominent cryptocurrency trading platform in the Philippines, according to social media users.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇵🇠🇺🇸 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Changpeng Zhao |
| Companies | Binance, Securities Regulation Code (SRC), US SEC, Changpeng Zhao, Philippines Securities and Exchange Commission (SEC) |
| Currencies | None |
| Securities | None |
