The Securities and Exchange Commission (SEC) has formally filed a request to the National Telecommunications Commission (NTC) to block the digital platform of cryptocurrency giant Binance in the Philippines.
The SEC said Binance was found to have offered an investment and trading platform without license from the Commission.
“The SEC has identified the aforementioned platform and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos,” said Emilio Aquino, SEC chairman.
Binance defines itself as a facility for trading financial instruments and offers investment products — including spot trading using leverage, futures contracts, option contracts, cryptocurrency savings accounts, cryptocurrency staking services, and a platform for initial coin offerings.
Touted as the largest cryptocurrency website in the world, Binance currently has an average daily trading volume of $65 billion covering more than 402 cryptocurrencies, with a membership of over 183 million, according to its website.
“The group has been actively employing promotional campaigns on social media to attract Filipinos to engage in investment and trading activities using its platforms. An app version is also downloadable on Google Playstore and the Apple App Store,” the SEC said in a statement.
“Binance, however, has not secured from the SEC a license to solicit investments from the public, nor to create or operate an exchange for the buying and selling of securities, as required by Republic Act No. 8799, or The Securities Regulation Code,” it said.
