Philippine Authorities Move to Block Binance

The Philippine Securities and Exchange Commission (SEC) has taken steps to prevent local traders from accessing Binance’s services.

The agency has approved the submission of an official request to the National Telecommunications Commission (NTC) to block the website and other web pages used by the world’s largest crypto exchange. According to the Commission’s statement, Binance offers investment services without the necessary license.

“The SEC has reviewed the aforementioned platform and concluded that continued public access to these websites/applications poses a threat to the security of Filipino investors’ funds,” stated the agency’s head, Emilio Aquino.

The Commission noted that Binance offers a wide range of financial instruments: spot trading of digital assets with leverage, options, futures, savings crypto accounts, a staking service, and an ICO platform.

The daily trading volume on the exchange reaches $65 billion. The platform supports 402 cryptocurrencies, and the number of users exceeds 183 million. Binance actively uses advertising campaigns on social media to attract Filipinos to participate in activities on its platforms, the agency emphasized.

“Binance, however, has not obtained a license from the SEC to solicit investments from the public, nor to create or operate an exchange for the purchase and sale of securities, as required by law,” the statement said.

In November 2023, the Commission warned investors against engaging with Binance and began exploring options to block the platform. The agency noted that it has successful experience working with the NTC in this area. In February, all internet providers in the country blocked access to the websites and applications of OctaFX and MiTradefor in response to an SEC request.

Back in 2022, then-CEO of Binance Changpeng Zhao announced plans to obtain a license in the Philippines. At that time, a proposal to ban the exchange’s activities was made by an influential non-governmental organization in the country.