Philippine SEC Takes Decisive Action Against Binance Amid Security Concerns

The Philippine Securities and Exchange Commission (SEC) has ordered the blocking of cryptocurrency giant Binance’s online presence within the country. The decision, announced on Monday, stems from the SEC’s concerns over the security of Filipino investors’ funds. Following a formal request to the National Telecommunications Commission (NTC), the SEC aims to prevent public access to Binance’s website and associated platforms due to the exchange operating without the necessary license.

SEC Chairperson Emilio B. Aquino discussed the threat posed by Binance’s activities, due to the absence of proper licensing. The SEC’s investigation revealed that Binance had been enticing Filipino investors through promotional campaigns on social media, prompting the regulator to take action. Despite its popularity, Binance has failed to comply with Philippine regulations, lacking the required license to solicit investments or operate as a securities exchange, as mandated by the country’s Securities Regulation Code (SRC).

The SEC’s decision follows months of scrutiny, with warnings issued against investing in or using Binance dating back to November 2023.