Binance Has Legal Troubles In The Philippines Market

Philippine non-profit consulting organization Infrawatch PH continues to block Binance by asking more regulators to investigate the crypto exchange for illegal activities.

Earlier this week, Infrawatch PH filed a 12-page complaint calling the Philippine Securities and Exchange Commission (SEC) to crack down on Binance’s activities in the country. According to Infrawatch PH, Binance has been operating in the Philippines for the past few years without the authorities’ approval.

Terry Ridon, who represents Infrawatch PH, stated that Binance has no office in Manila and is only associated with third-party companies that employ Filipinos for their technical and customer support services.

Terry Ridon also said that the SEC had served citizens well by banning illegal online lending services. Therefore, the agency will do the same for the country’s unregistered and unregulated cryptocurrency exchanges.

In addition, he further confirmed that Binance has been offering a wide range of crypto products, including spot trading, margin trading, futures, options, crypto lending, and peer-to-peer (P2P) trading, although not yet registered with the SEC.

“We believe the above products are in the nature of securities, which under prevailing rules, may not be sold or offered for sale or distribution within the Philippines without a registration statement duly filed with and approved by the Commission.”

The news comes shortly after the Philippines Department of Trade and Industry (DTI) rejected a proposal to ban Binance by the end of June 2022, citing the lack of Bangko Sentral ng Pilipinas (BSP) regulatory clarity.

Currently, cryptocurrency trading in the Philippines is skyrocketing. In July 2022, weekly Bitcoin (BTC) trading volume in Philippine pesos reached a historic high on the P2P exchange Paxful. Overall, crypto adoption and adoption have also steadily increased in the country in recent years.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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