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The Philippines Securities and Exchange Commission (SEC) has announced that it will block access to Binance, the world’s largest cryptocurrency exchange, within the country. The SEC cited Binance’s lack of registration as a corporation in the Philippines and its failure to obtain the necessary license and authority to sell securities. The suspension is expected to take effect within three months, allowing Filipino users to withdraw their investments from the platform. In an effort to limit Binance’s reach and prevent further investment activity, the SEC has also asked Google and Facebook’s parent company, Meta, to ban Binance’s online advertising in the Philippines. The SEC’s findings revealed that Binance has been actively promoting its services on social media platforms to attract Filipino investors. The regulator warned that individuals involved in sales, promotion, or endorsement of Binance within the Philippines may face criminal liability, with penalties including fines and imprisonment. The recent guilty plea of Binance’s former CEO, Changpeng Zhao, has raised concerns about the exchange’s operations in the country. Filipino investors are advised to exercise caution while monitoring the regulatory actions taken by the SEC.