The Philippines Securities and Exchange Commission (SEC) has issued a warning about Binance’s operations in the country. According to the regulator, Binance is not registered as a corporation in the Philippines and does not have the necessary license or authority to operate there. While Binance is registered in other countries, it has not fulfilled the requirements for offering securities in the Philippines. The SEC has outlined potential penalties for individuals or entities promoting Binance within the country, including imprisonment and fines. This is part of a larger trend of regulatory issues faced by Binance in multiple jurisdictions, including the United States, the UK, Nigeria, and several European countries. In the US, Binance recently reached a $4 billion settlement with federal agencies and its founder, Changpeng ‘CZ’ Zhao, resigned as CEO after pleading guilty to money laundering charges. The US Securities and Exchange Commission has also taken legal action against the exchange. Binance has exited from several European jurisdictions and had to close its operations in the UK. Additionally, some Binance users have initiated a class-action lawsuit against Cristiano Ronaldo for endorsing the exchange, claiming that his promotion caused them financial losses.
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, Cristiano Ronaldo |
| Companies | U.S. Department of Justice, Binance, Changpeng ‘CZ’ Zhao, U.S. Securities and Exchange Commission (SEC), Philippines SEC, Commodity Futures Trading Commission (CFTC) |
| Currencies | None |
| Securities | None |
