Metro Manila — The Securities and Exchange Commission (SEC) announced on Wednesday the initiation of measures to restrict access to Binance, the largest global cryptocurrency exchange.
The SEC has pointed out that Binance has been functioning in the Philippines without the necessary registration or authority to sell or offer securities.
“The entity operating Binance’s platform isn’t registered as a corporation in the Philippines and lacks the requisite license and/or authority to market or offer any type of securities,” the SEC stated.
Following this advisory, the SEC plans to collaborate with the National Telecommunications Commission and the Department of Information and Communications Technology to limit Binance’s nationwide accessibility.
The commission has also requested that Google and Meta prohibit Binance’s online advertisements in the Philippines.
To allow Filipino investors to liquidate their positions and withdraw their investments from Binance, the access restriction will become effective three months post-advisory, as per the commission.
Furthermore, the SEC warned that individuals involved with Binance, such as salespersons, brokers, dealers, agents, promoters, recruiters, influencers, endorsers, and facilitators who are actively selling or encouraging investments, could face criminal charges.
The SEC further noted that violators may be subject to up to 21 years of imprisonment or a fine amounting to ₱5 million.