The largest cryptocurrency exchange in the world, Binance, is not available locally, according to a notice released by the Philippines Securities and Exchange Commission on Monday.
On March 12, the regulatory body formally requested assistance from the national telecommunications agency in “blocking the website and other web pages used by Binance, which was found to have offered an investment and trading platform without the necessary licence.”. The site was blocked in response to a November 2023 notice.
SEC Chairperson Emilio B. Aquino stated in the letter addressed to the public, “The SEC has identified the aforementioned platform and concluded that the public’s ongoing access to these websites/apps constitutes a threat to the security of the funds of investing Filipinos.”
The platform came under fire from the SEC for using social media to promote itself and draw in investors without getting permission to do so.