The Philippine Securities and Exchange Commission (SEC) has begun proceedings to restrict access to Binance, the world’s largest cryptocurrency exchange. This move follows the resignation of Binance’s CEO, who pleaded guilty last week to charges of violating U.S. anti-money laundering laws.
The SEC asserts that Binance Operator is not registered as a corporation in the Philippines, highlighting that it does not have the necessary licenses and authority to sell or offer securities. The regulatory measures aim to reduce Binance’s access within the Philippines.
In a statement released on November 28, the SEC explained that the access restrictions will take effect within three months of issuing the advisory. This period will allow Filipino users to withdraw their investments from cryptocurrency exchanges.
Not only did the SEC target user access, it also urged major tech companies, including Alphabet’s Google and Facebook parent company Meta, to ban Binance’s online advertising in the Philippines. Regulators warn of potential criminal liability for those who promote or promote investments on the platform.
The recent departure of Binance’s former CEO Changpeng Zhao followed his guilty plea for willfully failing to maintain an effective anti-money laundering program. The SEC’s action highlights its commitment to strengthening regulatory compliance within the cryptocurrency space.
* Original content author: Coin Live. Coinbold is licensed to distribute this content through Coinlive.