The Philippines’ Securities and Exchange Commission (SEC) intends to ban Binance, the cryptocurrency exchange globally, from being accessed by residents. The commission reported on Monday, basing its argument on the fact that Binance was being run as an investment and trading platform without the necessary permit.
The authority chief of the SEC, Emilio B. Aquino, requested the help of the national telecommunications agency at a meeting on March 12 to block the websites of the Binance platform and all related pages. The SEC raised the general public’s apprehensions about safety as hackers gained access to their funds.
The regulator also pointed out Binance for carrying out promotions on social media to advertise to investors in the Philippines against local authorities’ approval. This action emphasizes the SEC’s responsibility to protect the investors and ensure that the owners of the cryptocurrency have fulfilled all the necessary regulations.
Binance, the top crypto trade in the worldwide market, is now in the midst of regulatory issues in different jurisdictions. The SEC’s decision adds another layer of risk for cryptocurrency exchanges. Compliance with regulations is increasingly crucial globally.
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