The Securities and Exchange Commission (SEC) is taking measures to restrict access to Binance, a cryptocurrency platform, due to concerns about the safety of Filipino investors’ funds. The SEC has formally requested assistance from the National Telecommunications Commission (NTC) to block Binance’s website and other related web pages.

SEC Chair Emilio Aquino highlighted in a letter to the NTC that Binance poses a security threat to Filipino investors’ money. Binance is headquartered in the Cayman Islands and is one of the largest cryptocurrency platforms, trading over 402 cryptocurrencies, including popular ones like Bitcoin and Ether. 

Binance has been operating an investment and trading platform without the necessary license from the SEC, and the commission issued a public warning against them on November 29, 2020. Binance CEO Changpeng Zhao’s admission of guilt for violating US anti-money laundering laws also influenced the SEC’s decision.

The SEC has collaborated with Google and Meta to curtail Binance’s digital advertising efforts in the Philippines. Although efforts have been made to halt Binance’s activities, the Binance app can still be downloaded on the Google Play Store and Apple App Store.

The SEC has ensured investors have sufficient time to transition to authorized investment platforms. Additionally, earlier this month, the SEC enlisted the NTC’s support to block the websites and apps of OctaFX and MiTrade, which were also found to be unlawfully offering investment opportunities in the country.

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Source: SEC pushes forward efforts to ban Binance in PH