Binance allegedly operating without a license in the Philippines
The SEC of the Philippines assured that the exchange is working without the proper legal authorization to do so
In a recent statement, the Philippine Securities and Exchange Commission (SEC) reveals that Binance, the renowned cryptocurrency exchange, has been operating in the country without proper regulatory approval. Issued on November 28, the warning highlights that Binance is not authorized to sell or offer securities in the Philippines.
The SEC emphasized the obligation for exchanges, such as Binance, to register and provide detailed information about securities offered before they are sold to the public. This process includes data such as the issue price, the nature of the securities and other details required by the Philippine Securities Regulation Code (SRC).
According to the SEC statement, the operator of the Binance platform is not registered as a corporation in the Philippines, operating without the necessary license and/or authority for the sale of securities, as defined by the SRC.
In addition to these irregularities, the SEC accused Binance of illegally promoting its services in the country. Warns that those involved in promoting or trading on Binance may face criminal liability under Section 28 of the SRC. The offense carries a possible fine of up to 5 million Philippine pesos (US$90,300), 21 years in prison, or both, according to Section 73 of the SRC.
K. Tovar
Source: SEC
(Referential image source: Kanchanara, Unsplash)
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