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Binance Faces Regulatory Hurdles as Philippines SEC’s Ban on Binance Takes Effect

The Philippines Securities and Exchange Commission (SEC) has revealed its plan to block local access to Binance, effectively implementing the Philippines SEC’s ban on Binance. This was contained in a notice published by the financial regulator on March 25.

This decision follows the SEC’s accusation of the exchange’s continuous offering of various investment and trading opportunities to Filipinos without obtaining the necessary license from the commission.

According to the published media briefing, the Philippines SEC had previously filed a formal request to the National Telecommunication Commission (NTC) on March 12, 2024, to block access to the Binance website, applications, and other web pages used by the exchange.

JUST IN : The Philippine SEC stated that it will continue to block Binance and block citizens’ access to Binance’s main website and related platforms, saying that Binance is a threat to the security of the Philippines.

— Crypto News Updates (@CryptoNewsUpd8s) March 25, 2024

The commission has now deepened its ban on Binance by requesting Google and Meta to block all marketing campaigns related to the crypto exchange in the Philippines.

As stated by the SEC, all previous campaigns and trade offerings were done illegally as the exchange is yet to secure a license from its agency to solicit investment or create/operate an exchange as required by Republic Act No. 8799 or the Securities Regulation Code (SRC).

The regulatory agency had, however, informed residents that the crypto exchange is not authorized to sell or offer securities in the Philippines while also stating that Binance’s continuous crypto promotions may have criminal liability.

The notice read,

“Those who act as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, influencers, endorsers, and enablers of Binance in selling or convincing people to invest in its platform within the Philippines, even through online means, may be held criminally liable under Section 28 of the SRC.”

This ban is expected to be effective within a three-month period – providing ample time for Filipino traders to close their investment positions held on the Binance.

Meanwhile, the SEC Chair Emilio B.