Philippines Financial Watchdog warns public against investing with Binance
Philippines The Securities and Exchange Commission (SEC) has issued a public warning against trading with Binance.
attention is response It was sent to Infrawatch PH, a public policy think tank working to ensure that exchanges are banned.
early July, Infrawatch PH It was sent 12 page letter It has asked the SEC to investigate Binance’s activities and ban them from doing so in the country. The group alleged that Binance illegally offers digital assets classified as securities without being registered with the SEC.
In response, the SEC cautioned the public against investing in Binance, stating that, upon investigation, the investment in Binance was unregistered in the country.
of official statement read:
“Binance is not a registered company or partnership. As a result, only registered companies can apply for and issue the licenses required to solicit investments, so Binance does not have the necessary licenses to solicit investments. I do not own any rights or licenses.
Considering these circumstances, We warn the general public not to invest in Binance. ”
The Commission also launched an investigation system Binance users who may have lost money while investing on the exchange.
Infrawatch PH goes all out against Binance
public policy think tank has been lobbying relevant Philippine regulators to check on Binance’s operations in the country.
and letter Infrawatch PH was sent to the Central Bank of the Philippines in June to express concern over Binance’s operations in the country without a Virtual Asset Service Provider (VASP) license. LUNA’s collapse blamed Binance, citing other countries where exchanges were banned for facilitating illegal financial activities.
As a follow-up to their request, the group reached out Philippine Department of Trade and Industry (DTI) calls for investigation into Binance for luring Filipino customers to invest by sharing unregistered promotions via social media. According to the letter, Binance should be banned outright because it does not respect authority.
Binance still has room for dialogue
In light of the SEC’s warning, a Binance spokesperson confirmed that the exchange is open to working with the SEC to protect its customers.
“We encourage the growth of forward-looking innovations such as blockchain and look forward to an open dialogue with the SEC and other industry stakeholders who share our vision of financial inclusion and empowerment.”
Binance CEO Changpeng Zhao said at a press conference in early June alluded to We plan to obtain licenses for Virtual Asset Service Providers (VASPs) and e-money issuers from the relevant Philippine regulators.
