No license, no access: Philippines blocks crypto giant Binance

The Philippines has blocked access to Binance, the world’s largest cryptocurrency exchange, citing concerns over its unlicensed operations in the country.

The Securities and Exchange Commission (SEC) said on Monday it had secured the assistance of the National Telecommunications Commission (NTC) to block Binance’s website and other online platforms.

“The SEC has identified the aforementioned platform and concluded that the public’s continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos,” SEC chairperson Emilio B. Aquino said in a letter to the NTC.

According to the SEC, Binance offered investment products such as leveraged trading and cryptocurrency savings accounts without the necessary licenses in violation of the Securities Regulation Code.

Binance boasts an average daily trading volume of $65 billion, covering more than 402 cryptocurrencies, with a membership of over 183 million.

The SEC said it had warned the public against using Binance as early as November 2023 and began exploring blocking its online presence.

However, regulators acknowledged the platform’s scale and provided investors “enough time to exit the platform and reposition their portfolio in favor of authorized investment products and platforms.”

This move aligns with the SEC’s recent efforts to crack down on unlicensed investment platforms. In February, it collaborated with the NTC to block access to OctaFX and MiTrade.

The Philippines joins a growing list of countries taking a cautious approach to cryptocurrency exchanges. protection.