Binance Troubled With Philippines Financial Watchdog Again

The Philippine Securities and Exchange Commission (SEC) has issued a public warning against trading with Binance.

The action came in a response sent to Infrawatch PH, a public policy advisory organization working to find that the exchange is banned.

Infrawatch PH issued a 12-page letter to the SEC in early July, requesting a probe into Binance’s conduct and requesting that it be barred from functioning in the nation. According to the organization, Binance improperly marketed digital assets classed as securities without first registering with the SEC.

In response, the SEC issued a note of caution to the public against investing with the exchange, stating it is unregistered in the country after its investigation. The official statement is given:

“Binance is not a registered corporation or partnership. Consequently, Binance does not possess the necessary authority and or license to solicit investments as only registered corporations can apply for and be issued the necessary licenses to solicit investments.

Considering these circumstances, we caution the public NOT TO INVEST with Binance.”

The commission has also launched an investigative mechanism for users who may have lost money while trading on the platform. Infrawatch PH has been contacting appropriate Philippian regulators to ensure the exchange’s operations in the nation are scrutinized.

The public policy think-tank raised its worry over activities in the nation without a Virtual Asset Service Provider (VASP) license in a letter addressed to the Philippine Central Bank in June. It blamed Binance for the LUNA debacle and mentioned other nations where the exchange was prohibited for enabling illegal financial transactions.

Following the SEC’s warning, a Binance spokesman said that the exchange is willing to collaborate with the SEC to safeguard its consumers.

“We encourage the growth of positive innovations such as blockchain and look forward to having open dialogue with the SEC and any other industry participants that share our vision of financial inclusion and empowerment.”

CEO Changpeng Zhao in a press briefing in June hinted at plans to obtain the VASP and e-money issuer licenses from relevant Philippian regulators.

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.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News