Philippine Exchange Regulator Urges To Stay Away From Binance

The Philippine Securities and Exchange Commission urged not to use the services of the Binance cryptocurrency exchange.

The public should avoid investing in cryptocurrencies through the Binance exchange. This was announced by the Philippine Securities and Exchange Commission in a letter to the consulting firm Infrawatch PH.

The exchange regulator noted that Binance is not a registered company and does not have the necessary authority to provide financial services in the Philippines.

“Given these circumstances, we urge the public not to invest through Binance,” the document reads.

This is the first time the Philippine authorities have publicly called to avoid contact with Binance. Earlier, the Central Bank of the Netherlands fined Binance Holdings $3 million for providing cryptocurrency trading services without registering in the country. The Central Bank noted that the size of the fine was determined by the duration of Binance’s violation of local laws.

In early July, MEP for Economic and Monetary Affairs Aurora Laluk called on the French financial regulator to explain the registration of the Binance cryptocurrency exchange in the country. In a media commentary, Laluk said that the regulator responded to her request, but the details remain unclear.

Meanwhile, the American division of Binance.US is trying not to run into penalties from the US Securities and Exchange Commission (SEC). As the editors wrote, the exchange removed the AMP token from the listing “for precautionary reasons” against the SEC statements that the token belongs to the securities class. In addition to AMP, POWR, RLY, DDX and LCX were classified as securities in the SEC.

Leave a Reply

Your email address will not be published. Required fields are marked *