The Philippines’ Securities and Exchange Commission (SEC) intends to outlaw the use of Binance, the biggest cryptocurrencycurrency exchange globally, by its citizens. In a report published on Monday, the commission stated that Binance was functioning as an investing and trading platform without the necessary license.
The regulator also called Binance out for promoting to Filipino investors on social media without getting permission from the relevant local authorities. This move highlights the SEC’s duty to safeguard investors and make sure bitcoin owners have complied with all legal requirements.
In a meeting on March 12, Emilio B. Aquino, the SEC’s authority chief, asked for the national telecoms agency’s assistance in blocking the Binance platform’s websites as well as any associated pages. Concerns over public safety were increased by the SEC after hackers obtained access to their funds.
The leading cryptocurrencycurrency exchange in the world, Binance, is currently facing legal problems in a number of locations. The SEC’s ruling increases the risk that bitcoin exchanges must deal with. Globally, adherence to regulations is becoming more and more important.
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