Philippines bans Binance exchange, takes effect in three months

Author: Zoltan Vardai, CoinTelegraph; Compiler: Deng Tong, Golden Finance

Philippine financial regulators will Blocking local users from accessing Binance, the world’s largest cryptocurrency exchange, citing concerns over the company’s unlicensed operations in the country.

According to a March 25 filing, The country’s securities exchange The Commission (SEC) said it received assistance from the National Telecommunications Commission (NTC) to block access to the Binance website and online trading platform.

SEC Chairman Emilio B. Aquino stated in a letter to the NTC: “The SEC has identified the above-mentioned platforms and concluded that continued public access to these websites/applications poses a threat to the security of funds of investing Filipinos.” span> 

Philippine financial regulator accuses Binance of offering services without obtaining required licenses Investment products such as leveraged trading services and cryptocurrency savings accounts, which violate the Securities Supervision Act.

According to the SEC, the ban will take effect within three months to give investors time to exit positions held through Binance. The agency also asked Google and Meta to block Binance-related ads from appearing on the platforms for Filipino users.

The Philippine ban is the latest regulatory blow to Binance, which faces increasing regulatory scrutiny around the world.

In December, a U.S. court ordered Binance to pay $2.7 billion to the Commodity Futures Trading Commission (CFTC) and ordered its former CEO Changpeng Zhao “CZ” to pay $150 million.

The settlement marks the end of a long-running lawsuit against Binance, which was sued by the U.S. Commodity Futures Trading Commission (CFTC) in March 2023 for evading federal law and operating an illegal derivatives exchange. .

On November 21, CZ agreed to step down as the head of Binance as part of a broader settlement with the U.S. Department of Justice, Treasury and the CFTC.

On the same day, Changpeng Zhao pleaded guilty to multiple civil charges and one criminal charge related to anti-money laundering laws.

Changpeng Zhao is still awaiting sentencing on money laundering charges. His sentencing was postponed to April 30. He is currently free on $175 million bail.