The Philippines Securities and Exchange Commission (PSEC) is taking steps to block and ban Binance, a cryptocurrency exchange, within three months. The commission issued an advisory warning users about Binance’s status as an unregistered exchange and stated that it is not authorized to sell or offer securities in the country. Binance has not registered as a corporation in the Philippines and does not have the necessary license to operate. A VASP (Virtual Asset Service Provider) license is required for exchanges to process crypto-to-fiat transfers and trades. The Philippines is currently on the Financial Action Task Force’s developing watchlist.
Commissioner Kelvin Lee clarified in a panel that the ban is expected to take effect three months from the issuance of the advisory. The commission may extend the ban depending on feedback. Lee addressed criticism by explaining that registered entities have compliance costs that Binance has not shouldered. Google and Meta have responded to the SEC’s request to block Binance-related ads in the country, although details are scarce.
In November, Binance reached a $4.3 billion plea deal with the US Department of Justice for money laundering indictments. Binance’s ex-CEO, Changpeng Zhao, has stepped down after pleading guilty.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇵🇠|
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Kelvin Lee, Changpeng Zhao |
| Companies | Meta, Financial Action Task Force (FATF), Binance, Google, BitPinas, Philippines Securities and Exchange Commission (PSEC), US Department of Justice, Coins.ph |
| Currencies | None |
| Securities | None |
