The Philippine SEC announces plans to block access to Binance, warning against unregistered investments and warning of legal repercussions for promoters.
The Philippine Securities and Exchange Commission (PSEC) has initiated measures to restrict the accessibility of the Binance trading platform within the country. According to regulators, the exchange lacks official registration as a corporation in the Philippines. Consequently, it is not legally permitted to offer securities trading services in the country.
The PSEC has set a deadline of three months after the notice. This period is intended to allow Filipino investors with active investments on the platform to liquidate their positions and withdraw their funds.
Additionally, the Commission has approached tech giants Google and Meta, urging them to stop displaying Binance ads to users in the Philippines on their respective online platforms. Additionally, PSEC has sought assistance from the National Telecommunications Commission and the Department of Information and Communications Technology to facilitate the blocking of Binance services.
The PSEC statement also contains a stern warning. It emphasizes that individuals acting in various capacities such as sellers, brokers, agents, promoters, recruiters, influencers, sponsors and facilitators of Binance in the Philippines, particularly to persuade others to invest through the platform, could face criminal charges. This applies to both physical and online activities within the country’s jurisdiction.
