The Philippines Securities and Exchange Commission (SEC) has issued a cautionary statement regarding the use of Binance, a cryptocurrency exchange. According to the SEC, Binance does not have the necessary license to operate in the country and is not registered as a corporation in the Philippines. As a result, the public is advised against purchasing any cryptocurrency investment products on the platform. The SEC warns that individuals who promote or sell Binance within the Philippines may face criminal liability and penalties. This comes after CZ, the former CEO of Binance, pled guilty to running an unregistered money-transmitting business and agreed to pay a $50 million fine as part of a settlement with U.S. authorities. Regulators worldwide have expressed concerns about Binance’s alleged facilitation of money laundering and sanctions violations. While the SEC has not outright banned Binance, it is cautioning users to exercise caution when using the platform and promoting it locally.

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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