Philippines SEC Warns Binance Over Unlicensed Operations

The Securities and Exchange Commission (SEC) in the Philippines issues a cautionary advisory against endorsing Binance, citing potential legal consequences under the Securities Regulation Code. Violations could result in a maximum fine of five million pesos, a 21-year imprisonment, or both. In response, reports suggest Binance’s website and apps will be inaccessible in the Philippines within the next three months to allow local users a grace period for asset withdrawal. Source: Cryptotimes.io