Binance Websites In The Philippines Are Currently Banned From Access

Key Points:

• Binance websites in the Philippines are currently blocked by the SEC for licensing and investor security concerns.
• The Philippines ranks 7th globally in crypto ownership, indicating strong local interest.
• Binance faces global regulatory challenges, with the former CEO awaiting trial in the US after a $4.3 billion settlement.

The Securities and Exchange Commission (SEC) of the Philippines is proceeding with its plans to block access to the cryptocurrency exchange platform Binance within the country, as reported by local media outlets.

Binance Websites in the Philippines Blocked Over License Concerns

SEC Chair Emilio Aquino has confirmed the commission’s decision to seek assistance from the National Telecommunications Commission (NTC) to restrict access to Binance websites in the Philippines. This move comes in response to concerns over the security of Filipino investors’ funds, citing Binance‘s lack of necessary licenses to operate in the Philippines.

Despite the exact number of Filipino Binance users being undisclosed, data from GWI suggests that the Philippines ranks seventh globally in terms of cryptocurrency ownership, with over 9.3 million crypto owners.

Binance faces regulatory scrutiny in various jurisdictions, including the Philippines. The ban on Binance websites in the Philippines follows months of public alerts regarding Binance’s offerings, particularly its crypto savings accounts and leveraged trading products.

Binance Faces Regulatory Hurdles Worldwide

Binance, registered in the Cayman Islands, boasts a vast array of cryptocurrencies for trading, with an average daily trading volume of $65 billion, as reported by the US SEC. However, the commission found that Binance operates its investment and trading platform without the necessary license.

This development aligns with Binance’s ongoing legal challenges in multiple countries, including a lawsuit filed by the US SEC. The Nigerian government and Binance were at odds most recently over the exchange’s claims of tax fraud, demands for $10 billion in damages for allegedly causing indirect losses to the country, and even two senior Binance executives being placed under temporary detention for an investigation.

Binance co-founder and former CEO Changpeng Zhao resigned as part of a $4.3 billion settlement agreement with the US government, with regulatory oversight returning to Richard Teng. Zhao is currently on bail in the US, with his trial postponed to late April this year.