Philippines Blocks Binance For Operating Without Permission

Binance blocked Philippine regulators. (Photo; Doc. Hellagood)

JAKARTA - The Philippine Securities and Exchange Authority (SEC) has taken firm steps to limit access to Binance, the world's largest crypto exchange by daily trading volume. This step was taken because Binance does not have a regulatory license required to operate in its jurisdiction.

Two weeks ago, the SEC asked the National Telecommunications Commission (NTC) to help block web pages related to Binance. "The group has actively used promotion campaigns on social media to attract Filipinos to engage in investment and trading activities using its platform," the Philippine SEC wrote.

At the same time, Binance "has not yet obtained from the [regulator] license to apply for investment from the public, or to create or operate an exchange for buying and selling securities," the agency added a statement.

This step was taken by the Philippine authorities to limit access to this trading platform is not so surprising. Last fall, the country's SEC warned that it plans to block the platform because it has not yet received approval to offer investment products to citizens.

With this step, the Philippine authorities affirmed their commitment to maintaining regulations and protecting investors from risks that may arise from investing in crypto markets. Along with the rapid growth of the crypto industry, surveillance and regulation are becoming increasingly important to ensure security and compliance in the investment ecosystem.