Philippines Blocks Binance Over Unlicensed Operations, Citing Investor Protection

The Philippines Securities and Exchange Commission (SEC) took decisive action to block the online presence of cryptocurrency exchange Binance in the country. 

What Happened: In mid-March, the Commission En Banc approved the filing of a formal request with the National Telecommunications Commission (NTC) to assist in blocking Binance’s website and other web pages used by the exchange.

Despite conducting promotional campaigns on social media to attract Filipino investors, Binance lacks the required SEC license to engage in such activities. The exchange also does not have the license to create or operate an exchange for the buying and selling of securities.

Also Read: Binance Executive Flees Nigeria To Avoid Tax Evasion Prosecution

With the largest crypto currency exchange being blocked in many countries, Benzinga’s Future of Digital Assets conference, scheduled for Nov. 19, will bring industry leaders and investors together to discuss the future of digital asset investments.

Why It Matters: The SEC warned Binance users since November 2023 about the potential consequences of using the exchange, including the possible blocking of its website and other online presence in the Philippines.

Binance’s troubles in the Philippines are not an isolated incident, as the exchange has faced similar issues in other regions. Countries such as India, China and Canada have also taken steps to block Binance’s operations within their borders.

In a related development, the SEC and NTC have been collaborating to block websites operating illegally. In February, all websites and apps associated with OctaFX and MiTrade were ordered to be blocked to protect the public.

Read Next: Nigeria Slams Binance With $10B Fine, Accuses It Of ‘Fixing The Exchange Rate’

While Binance remains blocked in many regions, here is a list of cryptocurrency exchanges and the correct procedures for investors to follow when buying cryptocurrency.

Join industry titans like Tim Draper and Jan Van Eck at Benzinga’s Future of Digital Assets conference on Nov. 19.

Photo: Shutterstock