The Philippines Securities and Exchange Commission (SEC) announced on Monday its collaboration with the National Telecommunications Commission (NTC) to impede local traders’ access to Binance, the world’s largest cryptocurrency exchange by daily trading volumes.
Regulators in the Philippines are pursuing measures to prevent local traders from accessing Binance. The SEC stated on Monday that it has initiated efforts to block access to the cryptocurrency exchange due to its lack of the required regulatory license to operate in the jurisdiction. The agency had requested assistance from the NTC two weeks before blocking web pages associated with Binance.
According to the SEC, Binance has been actively running promotional campaigns on social media to attract Filipino investors to engage in trading activities using its platforms. However, the exchange has not obtained the necessary license from regulators to solicit investments from the public or to operate a securities exchange for buying and selling securities.
The recent actions taken by regulators in the Philippines to limit access to the trading platform are not unexpected. Last autumn, the country’s SEC issued warnings indicating its intention to block Binance due to its failure to obtain approval to offer investment products to residents of the Philippines.
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