The Philippine Securities and Exchange Commission (SEC) has initiated measures to restrict the operations of Binance, the global crypto exchange behemoth. This action follows the recent legal turmoil involving the exchange’s former CEO, who admitted to compliance failures in the United States.
The SEC has highlighted that Binance has been functioning without official registration or the requisite authorization to engage in securities transactions within the nation. Filipino investors have been granted a three-month window, starting from the advisory date of November 28, to withdraw their holdings from Binance.
The regulatory body has also reached out to tech giants Google and Meta, urging a ban on Binance’s advertisements in the Philippines. The SEC’s stance is clear: individuals promoting or encouraging investments in Binance could face criminal charges.
This crackdown comes on the heels of Binance’s leadership shake-up, with Changpeng Zhao resigning amidst legal pressures for not upholding an adequate anti-money laundering framework.
