Yet Another Country Is Forcing Binance To Exit• November 29, 2023 11:34 am • Comments
Binance’s legal troubles and regulatory woes around the world just won’t go away.
The world’s largest centralized crypto exchange was recently hit with a $4 billion penalty from the U.S. Securities and Exchange Commission (SEC) for allegedly breaching provisions laid out in the Bank Secrecy Act. Moreover, former CEO Changpeng Zhao was forced to step down as head of the company.
Now, the Philippines has become the latest country to force Binance to exit its territory and cease providing services to its citizens.
According to sources, the financial regulatory authority in the Philippines has accused Binance of operating without a license and selling ‘unregistered securities.’ Coin Telegraph provided this statement from the Philippine regulators:
“Based on the Commission’s database, the operator of the platform Binance is not registered as a corporation in the Philippines and operates without the necessary license and/or authority to sell or offer any form of securities as defined under Section 3.1 of the SRC.”
Officials in the small South Pacific nation have also announced that those found promoting or colluding with Binance in any way could face a staggering 21 years behind bars and up to $90,000 in penalties. Multiple outlets reported:
🚨 JUST IN!! SEC: NTC and DICT will BLOCK access to Binance in the Philippines within 3 MONTHS: https://t.co/8xtqk6YVYu
The grace period aims to provide Filipino investors on Binance adequate time to close their positions and withdraw their investments.
continued below: pic.twitter.com/Jizj5xq9xs
— BitPinas (@bitpinas) November 29, 2023
— Reuters (@Reuters) November 29, 2023
Binance operates without a license in the Philippines, warns country's securities regulator https://t.co/WpbxTJsFbd
— The Block (@TheBlock__) November 29, 2023
Philippines SEC blocks Binance for license violations; users given 3 months to withdraw.https://t.co/rHS50acGVL
— Tech Times (@TechTimes_News) November 29, 2023
The regulator is also seeking the assistance of the National Telecommunications Commission to block Binance in the country, and it has ordered Google and Meta to block local ads from Binance.
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