The Securities and Exchange Commission of the Philippines has started the process of blocking Binance — the biggest crypto exchange platform in the world — in the country.
This is after the Commission published an advisory saying that Binance is “not authorized to sell or offer securities to the public in the Philippines.”
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The advisory also came after Binance founder and CEO Changpeng (CZ) Zhao stepped down last week as part of a deal with the US after they were found guilty of anti-money laundering violations.
Going back, the removal of access to Binance in the Philippines will take effect three months after the issuance of the said advisory on November 28, 2023. This will help Filipino users pull out their investments from the platform.
The Commission has also asked Facebook-owner Meta and Google’s Alphabet to block Binance advertisements in the Philippines. They also warned people who are promoting the platform that they may be criminally liable and could face a fine of Php5 million or 21 years of imprisonment or both.
Via: Reuters