Philippines Joins Global Crypto Crackdown on Binance

<p>The list of
financial regulatory commissions claiming that Binance operates in their
jurisdiction without official permission has expanded again. The Securities and Exchange Commission Philippines (SEC) recently issued a warning regarding
the exchange's operations, cautioning that entities involved in promoting
Binance could face up to 21 years of imprisonment.</p><p>Philippines Warns against
Unregulated Activities of Binance</p><p>The local
market regulator asserted that Binance "has been actively employing
promotional campaigns on various social media platforms," encouraging Philippines
residents to open trading accounts and conduct transactions through the
<a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a>. However, Binance does not have official permission or a license
issued by the Philippines supervisory authority that would allow such
activities.</p><p>"Binance
is not registered as a corporation in the Philippines and operates without the
necessary license and/or authority to sell or offer any form of
securities," the warning from the SEC stated. </p><p>The
institution reminds retail investors not to engage in activities with
unregulated firms. Simultaneously, it warns sellers, agents, promoters, and
influencers that encouraging individual investors to open accounts on
unregulated platforms risks a maximum prison sentence of 21 years and a fine of
up to $90,000.</p><p>Binance on Regulators'
Warning Lists Worldwide</p><p>Binance has been facing regulatory issues in various parts of the world, including France, the UK, Singapore, and Nigeria, since last year. For instance, Nigeria’s
Securities and Exchange Commission <a href="https://www.financemagnates.com/cryptocurrency/nigerian-sec-clarifies-warning-against-binance-labels-it-illegal/" target="_blank" rel="follow">reiterated its warning against Binance</a>,
highlighting that the platform has been "soliciting the Nigerian public to
trade crypto assets."</p><p><a href="https://www.financemagnates.com/cryptocurrency/binance-france-under-probe-over-illegal-crypto-service-money-laundering-report/" target="_blank" rel="follow">France
began an investigation</a> in the middle of this year into the "illegal
activities" of the exchange in the country. Meanwhile, Binance has continuously been on the warning lists <a href="https://www.financemagnates.com/cryptocurrency/news/singapore-regulator-puts-binance-com-on-investor-alert-list/" target="_blank" rel="follow">in Singapore</a> and <a href="https://www.financemagnates.com/cryptocurrency/exchange/binance-banned-in-uk-by-fca/" target="_blank" rel="follow">the United Kingdom</a> since 2021. </p><p>Currently, Binance's
most significant problem is the operations in the USA and the
<a href="https://www.financemagnates.com/cryptocurrency/binance-will-exit-the-us-paying-over-76-billion-in-settlements/" target="_blank" rel="follow">multibillion-dollar settlements</a> it agreed to pay in that market. Binance
officially left the United States, and the exchange's former director,
Changpeng Zhao, <a href="https://www.financemagnates.com/cryptocurrency/binanceus-distances-itself-from-legal-turmoil-involving-global-exchange-and-zhao/" target="_blank" rel="follow">had to resign</a> from his position.</p>

This article was written by Damian Chmiel at www.financemagnates.com.