Connect with us

Hi, what are you looking for?


Philippines’ SEC to block access to world’s largest crypto exchange Binance

Binance logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

Beginning this week, the Securities and Exchange Commission of the Philippines has initiated the process of restricting access to Binance, the largest cryptocurrency exchange in the world. This comes after the chief executive officer of Binance resigned and pleaded guilty to violating anti-money laundering rules in the United States.

The Securities and Exchange Commission (SEC) stated that the operator of Binance was not a registered entity in the Philippines and that they were engaging in business without the appropriate license and permission to sell or issue any securities.

To provide Filipino customers with sufficient time to withdraw their assets from the cryptocurrency exchange, the Securities and Exchange Commission (SEC) has issued a statement stating that the withdrawal of access in the Philippines would take effect within three months of issuing its advice on November 28.

It has asked Google (GOOGL.O), which belongs to Alphabet, and Meta, the parent company of Facebook, to forbid Binance from using online marketing in the Philippines. Additionally, it has warned individuals who sell through the platform or convince people to invest in it that they may be held criminally accountable.

Changpeng Zhao, the former chief executive officer of Binance, resigned from his position as CEO last week after entering a guilty plea to the charge of intentionally causing the exchange to fail to maintain an effective anti-money laundering program.

Reuters communicated with Binance by email in an attempt to obtain a comment; however, they got an automated answer.

Click to comment

Leave a Reply

Your email address will not be published.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

The future of technological innovation is here. Be the first to discover the latest advancements, insights, and reviews. Join us in shaping the future.

You May Also Like


Two nonfiction writers filed a lawsuit against OpenAI and its financial supporter Microsoft (MSFT.O) on Friday in Manhattan federal court. They claim that the...


Nvidia has expanded its reach in China’s EV sector. Four Chinese electric car makers will utilize Nvidia’s technology to power autonomous driving systems, demonstrating...


In a federal court case in California, shareholders sued Netflix (NFLX.O.), alleging that the streaming entertainment business concealed how much account-sharing was impeding its...


A bankruptcy judge in the United States has given the go-ahead for Celsius Network, a cryptocurrency lender, to switch its focus to Bitcoin mining....