The Philippines has blocked access to Binance, the world’s largest cryptocurrency exchange, over concerns it is operating without a license in the country.
The Philippine Securities and Exchange Commission (SEC) said on Monday that it had obtained assistance from the National Telecommunications Commission (NTC) to block Binance’s website and other online platforms.
SEC Chairman Emilio B. Aquino said in a letter to the National Telecommunications Commission: "The SEC has identified the above-mentioned platforms and concluded that continued public access to these websites/applications poses a threat to the financial security of Filipino investors. ."
According to the SEC, Binance violated the Securities Regulation Act by offering investment products such as leveraged trading and cryptocurrency savings accounts without obtaining necessary licenses.
Binance has an average daily trading volume of $65 billion, covering more than 402 cryptocurrencies, and has more than 183 million members.
The SEC said it warned the public not to use Binance as early as November 2023 and began exploring blocking its online operations.
However, the regulator acknowledged the scale of the platform and provided investors with "sufficient time to exit the platform and reposition their portfolios towards authorized investment products and platforms."
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